The Chinese yuan weakened against the U.S. dollar in the pre-European session on Wednesday.

Against the greenback, the yuan fell to an 8-day low of 6.4987 from an early high of 6.4753. At yesterday's close, the yuan was trading at 6.4832 against the greenback.

If the yuan extends its downtrend, it is likely to find support around the 6.53 area.

The People Bank of China set today's central parity rate for yuan at 6.4943 per dollar, compared to Tuesday's reference rate of 6.4565. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.

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