Chinese yuan weakens to 6.8849 against US dollar Wednesday

A $100 banknote is placed next to 100 yuan banknotes in this October 16, 2010 file picture illustration taken in Beijing. [Photo/Agencies]

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, weakened 245 basis points to 6.8849 against the US dollar Wednesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

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.