Yuan weakens to 6.8988 against USD

BEIJING, May 29 (Xinhua) -- The central parity rate of the Chinese yuan weakened 15 basis points to 6.8988 against the U.S. dollar Wednesday, 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.

(This article is generated by Xinhua News Robot.)