Chinese yuan drops 12 pips vs dollar

The Chinese yuan weakened by 12 percentage in points (pip) to 7.0979 against the US dollar on Monday, Xinhua reported, citing the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan can fluctuate by two per cent from the central parity rate each trading day.

The central parity rate is determined by a weighted average of market maker prices before the interbank market opens daily.