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1st LD-Writethru: Chinese yuan weakens to six-year low against USD Friday

Xinhua, October 28, 2016 Adjust font size:

The central parity rate of the Chinese yuan weakened to a six-year low against the U.S. dollar on Friday.

The central parity rate of the Chinese currency weakened 122 basis points to 6.7858 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

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.

Analysts believed despite short-term volatility from a stronger dollar, the yuan will maintain overall stability and the chance for a sharp depreciation is slim, backed by stable economic growth, balanced fiscal condition and ample foreign exchange reserves. Endi