Chinese yuan weakens to 7.0973 against USD Monday

BEIJING, Oct. 20 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 24 pips to 7.0973 against the U.S. dollar Monday, 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. dolla