China yuan weakens to 6.1589 against USD on Wednesday

The Chinese currency renminbi, or yuan, weakened 18 basis points to 6.1589 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot 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.