Chinese Yuan Falls To Near 6-year Low Against U.S. Dollar
July 17 2016 - 10:21PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Monday.
In economic news, data from the National Bureau of Statistics
showed that House prices in majority of the Chinese cities
increased in June. On a monthly basis, home prices climbed 55
cities out of 70 surveyed by the government. It dropped in 10
cities and remained flat in 5 cities.
Against the greenback, the yuan fell to nearly a 6-year low of
6.6993 from Friday's closing value of 6.6810.
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 6.6961 per dollar, compared to Friday's reference rate of
6.6805. 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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