Chinese Yuan Slides To More Than 2-week Low Against U.S. Dollar
April 12 2015 - 11:55PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Monday, after data showed that the figures of Chinese
trade balance slipped more than expected in March.
Data from the Customs Office showed that China had a merchandise
trade surplus of $3.10 billion in March. That was far below
forecasts for a surplus of $40.20 billion and down sharply from the
$62.62 billion surplus in February.
Exports plummeted 14.6 percent on year, well shy of forecasts
for an increase of 10.0 percent following the 48.3 percent surge in
the previous month.
Against the greenback, the yuan fell to more than a 2-week low
of 6.2161 from an early high of 6.2073. At Friday's close, the yuan
was trading at 6.2085 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.27 area.
The People Bank of China set today's central parity rate for
yuan at 6.1395 per dollar, compared to Friday's reference rate of
6.1370. 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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