Chinese Yuan Falls To 1-week Low Against U.S. Dollar
February 16 2015 - 2:00AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the late
Asian session on Monday.
Meanwhile, data from the Ministry of Commerce showed that
Foreign direct investment in China rose notably in January.
Investment inflows increased 29.4 percent from last year to $13.92
billion. This followed the 10.3 percent climb in December.
Against the greenback, the yuan fell to a 1-week low of 6.2486
from an early high of 6.2073. At Friday's close, the yuan was
trading at against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.27 area.
The People Bank of China set today's central parity rate for
yuan at 6.1273 per dollar, compared to Friday's reference rate of
6.1288. 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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