Chinese Yuan Falls To More Than 6-month Low Against U.S. Dollar
01:18, 19th December 2014
(RTTNews) - The Chinese yuan declined against the U.S. dollar in Asian deals on Friday, as broad dollar strength and signs of slowing economic growth in China put pressure on the currency.
China's factory activity slipped to a negative territory in December, data showed this week, another sign that the economy is losing momentum.
The yuan fell to 6.2295 against the greenback, its lowest since June 27. This may be compared to an early session's high of 6.1869. At yesterday's close, the pair was worth 6.2145. The next possible support for the yuan is seen around the 6.3 level.
The People's bank of China set the central parity rate for the yuan at 6.1205 per dollar, compared to yesterday's reference rate of 6.1195. The Chinese central bank set the central parity rate every morning and allows the currency to fluctuate upto 2 percent from that level.
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