Yuan weakens against US dollar Tuesday
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The value of Chinese currency, the yuan, weakened against U.S. dollars Tuesday, snapping a five-day consecutive rise.
The central parity rate was set at 6.5772 per U.S. dollar, compared with the record high of 6.5705 yuan per U.S. dollar on Monday, according to the China Foreign Exchange Trading system.
China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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