Chinese Yuan Falls To Near 6-year Low Against U.S. Dollar
July 05 2016 - 10:37PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the
pre-European session on Wednesday, with renewed worries about the
impact of Brexit dampening investor sentiment.
Against the U.S. dollar, the yuan fell to nearly a 6-year low of
6.6947 from an early high of 6.6770. At yesterday's close, the yuan
was trading at 6.6714 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.72 area.
The People Bank of China set today's central parity rate for
yuan at 6.6857 per dollar, compared to Tuesday's reference rate of
6.6594. 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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