Beijing, Sep 1 : The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 124 basis points to 6.6784 against the US dollar on Thursday, according to the China Foreign Exchange Trading System. In China's spot foreign exchange The yuan is already down almost 3 percent this year and trading near six-year lows, although it has stabilized in recent months. On Thursday, the central parity rate of the yuan strengthened to 6.6784 against the U.S. dollar, up 0.19 percent from 6.6908 The offshore Yuan Trading in Hong Kong stood at 6.6871 per US dollar, weaker by 0.03 per cent or 20 basis points. Earlier in the day, the People’s Bank of China fixed the yuan’s mid-point rate against the US dollar at 6.6727, 57 basis points or 0.085 The next G-20 Summit is scheduled for Sept. 4-5 in China, which is interesting if only because the Chinese yuan has weakened precipitously vs. the USD in the past week or so. On Aug. 22, the pair was trading at 6.59, but mid-day Wednesday it was at 6.68 We also expect that China's central bank will allow the local banks to trade CNH in September, in order to narrow the CNY-CNH spread.” The offshore yuan was trading 0.19 percent weaker than the onshore spot at 6.6901 per dollar. The Thomson Reuters/HKEX The Chinese yuan opened lower on Monday following the Chinese central bank's decision over the weekend to double the currency's trading band and analysts told CNBC they expect it to continue weakening this year. The People's Bank of China announced on .
SHANGHAI: China's yuan weakened in midday trade on Monday after slipping to near six-week lows in early deals as the dollar held broadly higher after Federal Reserve Chair Janet Yellen's upbeat comments on the US economy. Spot yuan CNY=CFXS opened at an Singapore, with a population nearly 75% ethnic Chinese, is China’s largest foreign investor and a major overseas hub for yuan trade. More than 20% of Singapore’s GDP is linked to China. At the same time, planning for a post-war Syria, Beijing is China's currency, the yuan or renminbi as it's known, will see extended trading hours starting Monday in Beijing's latest effort to promote its currency on the international stage. Instead of ending at 4.30pm local time, trading will now continue until 11 China set up the Shanghai free trade zone in September 2013 as a venue to pilot economic reforms, in particular in the financial sector. The government said in December it would allow limited convertibility of the yuan in free trade zones in Guangdong .