Chinese yuan weakens to 6.1248 against USD Monday

The value of the Chinese currency renminbi, or the yuan, weakened by 58 basis points to 6.1248 against the U.S. dollar in its central parity rate on Monday, according to the China Foreign Exchange Trading 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 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.