Chinese Yuan Falls To Near 2-week Low Against U.S. Dollar
February 17 2015 - 1:34AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Tuesday, on signs of capital outflow amid speculation
that the central bank will ease monetary policy.
Yuan positions for foreign-exchange purchases at Chinese
financial institutions fell 108.3 billion yuan (S$23.4 billion) to
29.3 trillion yuan in January, the lowest in a year, according to
People's Bank of China figures released Tuesday.
Against the greenback, the yuan fell to nearly a 6.2549 from an
early high of 6.2073. At yesterday's close, the yuan was trading at
6.2487 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.27 area.
The People Bank of China set today's central parity rate for
yuan at 6.1330 per dollar, compared to Monday's reference rate of
6.1273. 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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