Chinese yuan weakens to 6.8502 against USD Friday

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 15 pips to 6.8502 against the U.S. dollar Friday, 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.

As anticipation builds for the upcoming meeting between Chinese President Xi Jinping and U.S. President Donald Trump, international figures worldwide have expressed hope that the exchange will chart a course for stable China-U.S. relations and deliver positive ripple effects for global peace and prosperity.

At the invitation of Xi, Trump will pay a state visit to China from Wednesday to Friday.

The trip marks the first visit to China by a U.S. president in nine years, since Trump visited during his first term in office back in 2017.

In an interview with China Media Group, Eugene Seroka, executive director of the Port of Los Angeles, emphasized the vast cooperation opportunities between the United States and China, as well as the critical importance of sustained dialogue.

"The two largest economies in the world have much trade, cultural exchange and education opportunities. We, at the Port of Los Angeles, we'd like to see that continue to grow to new heights. At the Port of Los Angeles, 40 percent of our business portfolio is trade with China, so very important. When those policies were loosened and both sides started talking more, we saw cargo volume pick up again, so important to the American consumers, to American jobs and to bolster Sino-U.S. relations," said Seroka.

The sentiment is echoed far beyond American shores. Fernando Huanacuni, former foreign minister of Bolivia, described the upcoming leaders' meeting as "an important milestone" and "a watershed moment".

"The upcoming meeting between Chinese and U.S. presidents is an important milestone and a watershed moment. The agenda of this summit will focus not only on bilateral issues of mutual concern, but also on major international topics. As the world seeks balance across the global economy, technology, trade, and geopolitics, China is undoubtedly playing a crucial role. For this reason, the meeting has aroused widespread anticipation," said Huanacuni.

In Europe, Janusz Piechocinski, former deputy prime minister of Poland, underscored the necessity and significance of the presidential engagement, pointing to the tangible impact of last October's summit between the two leaders in Busan of the Republic of Korea.

"The U.S. president's visit to China and his upcoming meeting with President Xi Jinping are both highly significant and greatly necessary. Last year's summit between the two leaders effectively eased trade frictions, injected greater confidence into the world, and helped stabilize bilateral relations. We look forward to this meeting yielding positive outcomes and bringing greater stability and certainty to the world," said Piechocinski.