Chinese Yuan Weakens Last Week

BEIJING, July 22 (Xinhua) — The Chinese yuan weakened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS). According to CFETS, the CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, fell 0.05 points from the previous week and reached 99.19. The index compares the yuan’s value with that of 25 currencies, including the U.S. dollar, the euro, and the Japanese yen. Last week also saw an index measuring the yuan against the Bank for International Settlements currency basket went down 0.04 points from the previous week to 105.25. The index measuring the yuan against the Special Drawing Rights basket edged down 0.27 points week on week to 93.67.