Yuan weakens to 6.6001 against dollar
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 210 basis points to 6.6001 against the dollar on Wednesday, according to the China Foreign Exchange Trading 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. as much as 8.9 percent in extended trading after the announcement. The company said it projects sales of 18.1 billion yuan ($2.81 billion) to 18.2 billion yuan compared with its previous forecast of 20.1 billion to 20.6 billion yuan. The automaker said the locking device may become loose when moving at high speed, which could cause the vehicle’s hood to open.