Chinese yuan weakens to 6.6651 against US dollar

BEIJING [China], June 1 (ANI): The central parity rate of the Chinese currency renminbi, or the yuan, weakened 44 pips to 6.6651 against the U.S. dollar on Wednesday, according to China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, the Chinese News agency Xinhua reported. 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.

In recent weeks, the Yuan has sharply weekend as China's economy slowed due to its zero-COVID lockdowns and as interest rates start rising in the US. This has made the Chinese economy face twin challenges of the shrinking job market and an ageing population, according to a report.

A recent survey conducted by the China Institute for Employment Research (CIER) at the Renmin University of China and job search website Zhaopin indicate that the number of jobs available per applicant among fresh university graduates in China fell to 0.88 in the fourth quarter of 2021, cited The Hong Kong Post.

The number of jobs in China declined to 12.07 million in 2020 from 12.79 million in 2019. According to the Chinese National Bureau of Statistics (NBS), the unemployment rate in urban areas in 2021 was as high as 14.3 per cent for people aged between 16 to 24 years.