The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 pips to 6.7933 against the U.S. dollar Wednesday, 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 6.7933 against USD Wednesday
U.S. stocks ended higher on Tuesday.
The Dow Jones Industrial Average rose 385.38 points, or 0.74 percent, to 52,224.64. The Standard and Poor's 500 added 65.92 points, or 0.89 percent, to 7,509.20. The Nasdaq Composite Index increased by 329.134 points, or 1.29 percent, to 25,837.21.
Nine of the 11 primary Standard and Poor's 500 sectors ended in the green, with technology and energy leading the gainers by adding 2.35 percent and 1.15 percent, respectively. Meanwhile, consumer staples and communication services led the laggards by going down 1.01 percent and 0.85 percent, respectively.
U.S. stocks close higher
