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1st LD-Writethru: Chinese yuan weakens to 6.8823 against USD Friday

Xinhua, April 21, 2017 Adjust font size:

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 31 basis points to 6.8823 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

The country's forex regulator stressed on Thursday that pressure from capital flight had eased markedly as firmer economic growth renewed foreign investment and the yuan steered clear of depreciation.

In the first quarter, banks' net forex sales stood at 40.9 billion U.S. dollars, down 67 percent from a year ago, according to the State Administration of Foreign Exchange (SAFE).

Forex reserves also rose in March for the second month to 3.0091 trillion U.S. dollars, the first back-to-back increase since April 2016. In January, reserves slipped below the 3-trillion-dollar mark.

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. Enditem