Chinese yuan weakens to 7.0901 against USD Wednesday

BEIJING, Nov. 5 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 16 pips to 7.0901 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. dol