Chinese Yuan Declines To Near 5-month Low Against U.S. Dollar
December 09 2014 - 1:13AM
RTTF2
The Chinese yuan fell against the U.S. dollar in Asian deals on
Tuesday on expectations of further easing by the People's Bank of
China.
Weak export and import data out of China yesterday triggered
concerns about China's economy and further easing, which weighed on
yuan.
The yuan slipped to 6.2067 against the greenback, its lowest
since July 25. The yuan is likely to find support around the 6.22
zone. The pair ended yesterday's trading at 6.1730.
The People's Bank of China set today's central parity rate for
the yuan at 6.1231 per dollar, compared to yesterday's reference
rate of 6.1282.The Chinese central bank set the central parity rate
every morning and allows the currency to move upto 2 percent from
that level.
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