Chinese yuan weakens to 6-year low against USD

Chinese yuan weakened to a six-year low against the U.S. dollar today. According to the China Foreign Exchange Trade System, it was the weakest level since September 2010 as increased market expectations for an



interest rate increase in the United States led to a stronger dollar. 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.