market: It was the weakest level since September 2010 as increased market expectations for an interest rate hike in the United States led to a stronger dollar, according to Global Times China. In China 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 Chinese currency renminbi, or the yuan, weakened 247 basis points to 6.7558 against the US dollar Friday, according to the China Foreign Exchange Trade System. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. The scale of capital outflows was seen expanded in September, according to a report by UBS China. The market is gradually revising the value of yuan which is believed to be overvalued from 2014 to 2015 and the expected US interest rate hike has pushed the US dollar index to new highs, said Ren Zeping, chief economist at Founder Securities.h Ren also attributed the yuan weakness to increasing downward pressures on domestic economy after the authorities announced a slew of property curb policies.
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