China yuan weakens to 6.1622 against USD on Monday

The value of the Chinese currency renminbi, or the yuan, weakened by 25 basis points to 6.1622 against the U.S. dollar in its central parity on Monday, 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.