Chinese Yuan Falls To 6-month Low Against U.S. Dollar
December 18 2014 - 1:16AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Thursday after data showed that house prices in China
fell in November.
Data from the National Bureau of Statistics showed that house
prices decreased in majority of Chinese cities in November. Prices
decreased month-over-month in 67 of the 70 cities surveyed by the
statistical office in November. Prices remained flat in 3
cities.
Against the greenback, the yuan fell to a 6-month low of 6.2183
from an early high of 6.1869. At yesterday's close, the yuan was
trading at 6.1970 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.26 area.
The People Bank of China set today's central parity rate for
yuan at 6.1195 per dollar, compared to Wednesday's reference rate
of 6.1137. 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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