Yuan weakens to 6.6541 against U.S. dollar Monday
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The value of China's currency, the yuan, weakened Monday to 6.6541 per U.S. dollar from a record high of 6.6497 Friday, according to China Foreign Exchange Trading System data.
The yuan has strengthened against the U.S. dollar while also displaying increased volatility since the People's Bank of China (PBOC), China's central bank, announced on June 19 this year it would increase exchange rate flexibility.
Based on Monday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.54 percent since the day before the PBOC's June announcement.
The yuan has appreciated 22 percent against the U.S. dollar since China reformed its currency exchange mechanism in July 2005.
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