Chinese Yuan Slightly Off 9-day Low Against U.S. Dollar

The Chinese yuan that declined to a 9-day low of 6.3684 against the U.S. dollar on Friday's Asian trading rebounded slightly shortly thereafter. The pair is presently trading at 6.3661, compared to 6.3569 hit late New York Thursday.

China cut its interest rates unexpectedly on Thursday amid increasing signs of a slowdown in the economy. The People's Bank of China lowered the one-year deposit rate by 25 basis points. The one-year lending rate was reduced by 31 basis points.

The People's Bank of China set today's central parity rate for the yuan at 6.3249 per dollar, compared to yesterday's daily reference rate of 6.3193. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.