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Yuan indexes slightly weaker in April

Xinhua, May 6, 2016 Adjust font size:

The yuan weakened slightly against a basket of currencies in April, according to financial services provider China Foreign Exchange Trade System (CFETS).

The yuan exchange rate composite index, which measures the yuan's strength relative to a basket of 13 currencies including the U.S. dollar, euro and Japanese yen, came in at 97.12 at the end of April.

That marked a 1.04-percent depreciation from the level at the end of March, according to an article published on the CFETS website on Friday.

The index that measures the yuan against the Bank for International Settlements (BIS) currency basket weakened 1.03 percent from a month earlier, while that against the Special Drawing Rights (SDR) basket weakened 0.58 percent.

The article attributed the depreciation to stronger demand for foreign currencies in the market as Chinese firms' overseas investment surged. Companies in China need to exchange their yuan funds into foreign currencies to make such investments.

Outbound direct investment by China's non-financial companies jumped 55.4 percent year on year to 40 billion U.S. dollars in the first quarter of 2016.

The yuan remained basically stable against a basket of currencies in April after being adjusted for inflation, the CFETS said.

The composite index is intended to offer a more comprehensive reflection of market changes. Previously, market watchers have mainly focused on the yuan-U.S. dollar rate. Endi