Chinese Yuan Falls To Near 2-month Low Against U.S. Dollar
November 17 2015 - 6:13PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Wednesday.
In other economic news, data from National Bureau of Statistics
showed that home prices in majority of the Chinese cities decreased
in October. On a monthly basis, house prices fell 33 cities out of
70 surveyed by the NBS. It climbed in 27 cities and remained
unchanged in 10 cities.
Against the greenback, the yuan fell to nearly a 2-month low of
6.3863 from yesterday's closing value of 6.3700.
If the yuan extends its downtrend, it is likely to find support
around the 6.40 area.
The People Bank of China set today's central parity rate for
yuan at 6.3796 per dollar, compared to Tuesday's reference rate of
6.3740. 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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