Chinese Yuan Falls To Near 2-week Low Against U.S. Dollar
April 10 2015 - 12:59AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Friday.
In economic news, data from the National Bureau of Statistics
showed that the consumer prices in China were up 1.4 percent on
year in March. That was unchanged from the February reading,
although it exceeded forecasts for 1.3 percent.
On a monthly basis, consumer prices were down 0.5 percent in
China, following the 1.2 percent gain in February.
Against the greenback, the yuan fell to nearly a 2-week low of
6.2113 from an early high of 6.2025. At yesterday's close, the yuan
was trading at 6.2055 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.25 area.
The People Bank of China set today's central parity rate for
yuan at 6.1370 per dollar, compared to Thursday's reference rate of
6.1338. 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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