Chinese yuan weakens to 6.9414 against USD Tuesday

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 pips to 6.9414 against the U.S. dollar Tuesday, 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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan weakens to 6.9414 against USD Tuesday

Chinese stocks closed higher on Tuesday, with the benchmark Shanghai Composite Index up 0.87 percent to 4,117.41 points.

The Shenzhen Component Index closed 1.36 percent higher at 14,291.57 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.99 percent to close at 3308.26 points.

Chinese shares close higher Tuesday

Chinese shares close higher Tuesday