Chinese Yuan Weakens to 7.1174 Against Dollar

Central parity rate of the Chinese currency renminbi, or the Yuan, weakened 11 pips to 7.1174 against the dollar on Tuesday, according to the China Foreign Exchange Trade System. Naira Devaluation Deepens Economic Crisis in Nigeria

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent 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