Chinese Yuan Declines To 3-week Low Against U.S. Dollar
January 22 2015 - 11:25PM
RTTF2
The Chinese yuan slipped against the U.S. dollar on Friday's
Asian deals, as the Chinese central bank set a weaker midpoint for
the yuan to dollar trading band.
The yuan declined to 6.2250 against the greenback, its lowest
since January 2. On the downside, 6.23 is seen as the next downside
target level for the yuan. The pair was worth 6.2090 at yesterday's
close.
The People's bank of China set the central parity rate for the
yuan at 6.1342 per dollar, weaker than the yesterday's reference
rate of 6.1247. The Chinese central bank set the central parity
rate every morning and allows the currency to fluctuate upto 2
percent from that level.
In economic news, China's manufacturing sector contracted barely
in January with a PMI score of 49.8, the latest survey from HSBC
Bank showed.
That beat forecasts for 49.5 and was up from 49.6 in December -
although it remains below the boom-or-bust line of 50 that
separates expansion from contraction.
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