Chinese yuan weakens to new low

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A clerk counts Chinese currency Renminbi (RMB) at a bank in Linyi, east China's Shandong Province, Aug. 11, 2015. [Xinhua]

The central parity rate of the Chinese currency, the renminbi or yuan, depreciated to its weakest point in more than 54 months, new data showed on Monday.

The yuan's central parity rate lost 96 basis points to 6.5032 against the U.S. dollar on Monday, the lowest level since May 24, 2011, data from the China Foreign Exchange Trading System (CFETS) showed.

The CFETS exchange rate composite index, which measures the yuan's strength relative to a basket of 13 foreign currencies, stood at 100.94 on December 31, 2015, up 0.94 percent from the end of previous year.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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