Chinese Yuan Hits More Than 3-week Low Against U.S. Dollar

In the Asian session on Monday, the Chinese yuan declined against the U.S. dollar. The yuan fell to 6.3751 against the greenback, its lowest level since June 15. On the downside, the yuan may target 6.38 level. The pair closed last week's deals at 6.3657.

Consumer prices in China were up 2.2 percent on year in June, the National Bureau of Statistics said, slowing for the fifth consecutive month.

The headline figure was below forecasts for 2.3 percent after coming in at 3.0 percent in May.

The People's Bank of China set today's central parity rate for the yuan at 6.3293 per dollar, compared to Friday's daily reference rate of 6.3249. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.