Chinese Yuan Falls To Near 3-month Low Against U.S. Dollar
December 04 2014 - 3:06AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Thursday, as Chinese central bank fixed weaker midpoint
for yuan/dollar trading band.
Against the greenback, the yuan fell to nearly a 3-month low of
6.1550 from an early high of 6.1376. At yesterday's close, the yuan
was trading at 6.1503 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.21 area.
The People Bank of China set today's central parity rate for
yuan at 6.1411 per dollar, down from Wednesday's reference rate of
6.1376. 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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