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1st LD-Writethru: Chinese yuan weakens against USD after Trump victory

Xinhua, November 10, 2016 Adjust font size:

The Chinese currency, the renminbi or the yuan, weakened against the U.S. dollar on Thursday, as the dollar climbed against most major currencies on Wednesday with investors assessing the impact of Republican Donald Trump winning the U.S. presidential election.

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 53 basis points to 6.7885 against the dollar on Thursday, according to the China Foreign Exchange Trade System.

The greenback recovered Wednesday from an overnight sell off, as Trump's victory speech eased market nerves following the result of the election.

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 dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. Endi