Chinese yuan weakens against US dollar

The Chinese yuan weakened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS), reports agencies. The CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, came in at 91.03 on Friday, down 0.17 points from a week earlier, agency reports.

The index compares the yuan to the value of 24 currencies, including the U.S. dollar, euro and Japanese yen. Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket down 0.15 points to 94.67. The index measuring the yuan against the Special Drawing Rights basket went up 0.08 points to 91.09.