Chinese yuan weakens to 7.0709 against USD Tuesday

BEIJING, Oct. 8 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 635 pips to 7.0709 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. doll