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China's yuan weakens to 6.296 against USD Monday

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BEIJING, April 16 (Xinhua) -- The Chinese currency Renminbi, or the yuan, weakened by 81 basis points to 6.296 against the U.S. dollar on Monday, according to the China Foreign Exchange Trading System.

The central parity rate of the yuan stood at 6.2879 against per U.S. dollar on the previous trading day.

The fall of yuan's central parity rate Monday came after the People's Bank of China (PBOC), the country's central bank, announced Saturday it would widen the yuan's trading band against the U.S. dollar to 1 percent starting on Monday.

Previously, the daily trading limit was set at 0.5 percent.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

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