Chinese Yuan Falls To 1-week Low Against U.S. Dollar
December 16 2014 - 1:26AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Tuesday after data showed that China's manufacturing
activity fell to a seventh-month low in December.
Data from HSBC Bank showed that China's manufacturing sector has
moved to contraction in December, showing a seven-month low PMI
score of 49.5. That's down from the boom-or-bust score of 50.0 in
November that also separates expansion from contraction.
Against the greenback, the yuan fell to a 1-week low of 6.1975
from an early high of 6.1869. At yesterday's close, the yuan was
trading at 6.1905 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.207 area.
The People Bank of China set today's central parity rate for
yuan at 6.1182 per dollar, compared to yesterday's reference rate
of 6.1152. 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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