Beijing, July 25 (IANS) The value of the Chinese currency renminbi, or the yuan, weakened by 18 basis points to 6.1597 against the US dollar in its central parity Friday, authorities said.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, reports Xinhua.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.