Beijing [China], July 1 (ANI/WAM):The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 pips to 7.2258 against the US dollar Friday, state media quoted the China Foreign Exchange Trade System as saying.

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