Chinese Yuan Falls To Near 5-year Low Against U.S. Dollar
January 05 2016 - 7:09PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Wednesday amid worries about China's economy after the
nation's central bank fixed the yuan at a fresh five-year low
against the U.S. dollar.
Meanwhile, data from Caixin showed that the services sector in
China continued to expand in December, albeit at a slower pace,
with a 17-month low PMI score of 50.2. That's down from 51.2 in
November.
Against the greenback, the yuan fell to nearly a 5-year low of
6.5554 from yesterday's closing value of 6.5219.
If the yuan extends its downtrend, it is likely to find support
around the 6.62 area.
The People Bank of China set today's central parity rate for
yuan at 6.5314 per dollar, compared to Tuesday's reference rate of
6.5169. 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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