Chinese Yuan Falls To Near 4-week Low Against U.S. Dollar
April 24 2016 - 11:14PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the early
European session on Monday.
Against the greenback, the yuan fell to nearly a 4-week low of
6.5072 from an early high of 6.4950. At Friday's close, the yuan
was trading at 6.5004 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.55 area.
The People Bank of China set today's central parity rate for
yuan at 6.5120 per dollar, compared to Friday's reference rate of
6.4898. 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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