Chinese Yuan Trades Near 8-month Low Against U.S. Dollar
01:03, 26th January 2015
(RTTNews) - The Chinese yuan traded lower against the U.S. dollar in late Asian deals on Monday.
The yuan fell to 6.2572 against the greenback, its lowest since June, 2014. The next possible downside target for the yuan is seen around the 6.3 zone. The pair was worth 6.2283 at Friday's close.
The People's bank of China set the central parity rate for the yuan at 6.1384 per dollar, weaker than the Friday's reference rate of 6.1342. 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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