Chinese Yuan Falls To More Than 2-year Low Against U.S. Dollar
February 27 2015 - 2:19AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the late
Asian session on Friday amid the prospect of a slowdown in the
economy.
Against the greenback, the yuan fell to more than a 2-year low
of 6.2702 from an early high of 6.2073. At yesterday's close, the
yuan was trading at 6.2589 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.28 area.
The People Bank of China set today's central parity rate for
yuan at 6.1475 per dollar, compared to Thursday's reference rate of
6.1379. 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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