The Chinese currency renminbi, or yuan, weakened 109 basis points to 6.1460 against the US dollar on Thursday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, [Set Up Company Hong Kong]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.