Chinese Yuan Slides To 5-1/2-year Low Against U.S. Dollar
June 26 2016 - 10:09PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Monday, as sentiment fell on the back of Britain's vote
to leave the European Union.
Meanwhile, data from the National Bureau of Statistics showed
that China's industrial profits increased further in May, though at
a slower pace than in the previous month. Industrial profits grew
3.7 percent from a year ago to CNY 537.2 billion in May, following
a 4.2 percent gain in April.
Against the greenback, the yuan fell to a 5-1/2-year low of
6.6419 from an early high of 6.5505. At Friday's close, the yuan
was trading at 6.5775 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.70 area.
The People Bank of China set today's central parity rate for
yuan at 6.6375 per dollar, compared to Friday's reference rate of
6.5776. 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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