Chinese Yuan Falls To 8-month Low Against U.S. Dollar
February 26 2015 - 2:47AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the late
Asian session on Thursday amid speculation the the central bank
will cut interest rate again in coming months to support the
economy.
Against the greenback, the yuan fell to an 8-month low of
6.2611. At yesterday's close, the yuan was trading at 6.2595
against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.35 area.
The People Bank of China set today's central parity rate for
yuan at 6.1379 per dollar, compared to Wednesday's reference rate
of 6.1384. 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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