Chinese Yuan Falls To 8-day Low Against U.S. Dollar
May 03 2016 - 10:57PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the
pre-European session on Wednesday.
Against the greenback, the yuan fell to an 8-day low of 6.4987
from an early high of 6.4753. At yesterday's close, the yuan was
trading at 6.4832 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.53 area.
The People Bank of China set today's central parity rate for
yuan at 6.4943 per dollar, compared to Tuesday's reference rate of
6.4565. 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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