(Yicai Global) Dec. 5 -- The Chinese yuan has softened against the US dollar today after two consecutive days of firming,  as profit taking and uncertainty about the world economy prospect weighing on investor's mind.

The onshore yuan's spot rate closed at 6.8662, which was significantly weaker than yesterday's close of 6.8401. The pair traded in the range of 6.85-6.87 for most of the day, which was higher than the central parity rate of 6.8476 that the People's Bank of China set this morning.

The offshore spot exchange rate was 6.8633 at 4.30pm.

In the past two trading days, the cumulative rise of the redback against the US dollar reached a whopping 1215 basis points on the onshore market. 

China and the US announced a ceasefire to their trade dispute at the Group of 20 summit that was held in Buenos Aires, Argentina, from Nov. 30 to Dec. 1. After the talks, the two sides seemed to have different ideas of what was agreed about.

Editor: Emmi Laine