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Chinese yuan weakens last week



China’s Yuan weakened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).

According to the CFETS, the yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, came in at 96.73 on April 2, down 0.42 points from a week earlier.

The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro and Japanese yen.

Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket down 0.37 points to 100.91.

The index measuring the yuan against the Special Drawing Rights basket edged down 0.34 points to 95.57.

Ella Anokam

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