Chinese Yuan Falls To 4-day Low Against U.S. Dollar
March 09 2015 - 2:14AM
RTTF2
The Chinese yuan declined against the U.S. dollar in the Asian
session on Monday.
In economic news, data from the customs office showed Sunday
that China's trade surplus rises to a record high in February as
exports rose and imports plunged. The trade surplus came in at
$60.62 billion in February, much more than the $6 billion expected
by economists. Against the greenback, the yuan fell to a 4-day low
of 6.2665 from last week's closing value of 6.2625.
If the yuan extends its downtrend, it is likely to find support
around the 6.29 area.
The People Bank of China set today's central parity rate for
yuan at 6.1563 per dollar, compared to Friday's reference rate of
6.1533. 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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