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China's yuan weakens for 5th day against US dollar

(Xinhua)
Updated: 2009-03-02 14:51

The central parity rate of the yuan was 6.8389 per dollar Monday. The currency is allowed to float on the interbank market within a 0.5-percent band, which is set daily by the People's Bank of China, the central bank.

Related readings:  Economic planner refutes rumor of yuan depreciation  Yuan slips against dollar on first trading day of 2009  China urges major countries to stabilize currency

The rate was 6.8379 yuan per dollar on the previous trading day.

Analysts said the dollar's rise reflected plunging stock markets that have sent investors into the foreign exchange market.

Wall Street sank Friday, with major indices hitting 12-year-lows after the United States reported weaker than expected economic growth figures for the fourth quarter.

On the market Monday, the yuan's central parity rate was 859.96 per 100 euros. It was also trading at 7.0424 per 100 yen.