Chinese yuan weakens to 6.8958 against US dollar Thursday

An employee at a bank counter in Nantong, Jiangsu province, counts renminbi and dollars. [Photo/China Daily]

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, weakened 93 basis points to 6.8958 against the US dollar Thursday, 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 US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.