Chinese yuan weakens to 6.8150 against USD Monday

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 20 pips to 6.8150 against the U.S. dollar Monday, 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.

China's Ministry of Commerce announced Monday that it has decided to add 10 U.S. entities, including Aveox, Inc., to China's export control list in accordance with the nation's export control law and regulations on export control of dual-use items.

The measure was taken to safeguard national security and interests, and fulfill international obligations such as non-proliferation, according to a statement of the ministry.

Effective as of the date of this announcement, export operators are prohibited from exporting dual-use items to the 10 entities that also include Red Cat Holdings, Inc., Teal Drones, Inc., IMSAR, Jaia Robotics, Inc., Ball Aerospace and Technologies Corp., Oshkosh Defense, L3Harris Maritime Services, Inc., MP Materials Corp., and USA Rare Earth, Inc., the statement said.

Organizations and individuals from any country or region are prohibited from transferring or providing dual-use items originating in China to the aforesaid entities. The relevant ongoing export activities shall be immediately halted, according to the statement.

In a separate statement, a ministry spokesperson explained that the measure was taken following the wrongful act of the U.S. government to add more Chinese firms to a so-called company list linked to the Chinese military.

The spokesperson stressed that no export operator shall violate the aforesaid decision to prohibit the export of dual-use items to the 10 U.S. military-linked entities.