The central parity rate of the Chinese currency renminbi, or the yuan, weakened 10 pips to 6.8589 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 6.8589 against USD Tuesday
U.S. President Donald Trump met with his national security team on Monday to discuss a new proposal offered by Iran, White House Press Secretary Karoline Leavitt confirmed.
Leavitt said that it was unclear whether the meeting had concluded, but that the relevant proposal was indeed under discussion. However, she did not "want to get ahead of the president or his national security team" in making any statements.
Iran has informed mediators of a proposed three-phase framework for negotiations and said talks could resume if the United States agrees to it, according to Iranian media.
The first phase focuses on ending U.S.-Israeli aggression and securing guarantees that fighting will not resume against Iran and Lebanon. During this stage, Iran would not discuss any other issues. If agreement is reached on the first phase, discussions will move to a second phase centered on the management of the Strait of Hormuz. The third phase will address Iran's nuclear program.
Iran, through Pakistani mediators, has presented the United States with a new proposal to reopen the Strait of Hormuz and end the war, while postponing nuclear negotiations to a later stage, U.S. online media outlet Axios said Sunday, citing a U.S. official and two sources familiar with the matter.
The new proposal is aimed at breaking the current stalemate in the talks and bypassing the internal disagreements within the Iranian leadership about the scope of nuclear concessions it is willing to make, the report said.
However, reaching such a deal would leave Trump with little leverage to press Tehran to give up its stockpile of enriched uranium and suspend uranium enrichment, the report added.
Trump meets with his national security team to discuss new Iranian proposal
