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China's yuan weakens to 6.4998 per USD - May 23

(Xinhua)
Updated: 2011-05-23 11:23

BEIJING -- The Chinese currency renminbi, or the yuan, weakened 15 basis points to 6.4998 per US dollar on Monday, snapping the streak of appreciation for three consecutive trading days,  according to the China Foreign Exchange Trading system.

It hit a new high of 6.4948 per US dollar on May 11.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.