Chinese Yuan Falls To 2-day Low Against U.S. Dollar
00:09, 24th October 2014
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Friday.
In economic news, data from the the Conference Board showed that its leading economic index for China climbed 0.9 percent in September, following the 0.7 percent gain in August and the 1.3 percent jump in July.
The coincident index advanced 0.5 percent in September following the flat reading in August and the 1.1 percent spike in July.
Against the greenback, the yuan fell to a 2-day low of 6.1224 from an early 2-day high of 6.1176. At yesterday's close, the yuan was trading at 6.1195 against the greenback.
If the yuan extends its downtrend, it is likely to find support near the 6.14 area.
The People Bank of China set today's central parity rate for yuan at 6.1467 per dollar, compared to Thursday's reference rate of 6.1459. 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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