Chinese Yuan Falls To 28-month Low Against U.S. Dollar
March 02 2015 - 2:02AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Monday after China's central bank cut its benchmark
interest rate during the weekend.
China's central bank announced Saturday its decision to lower
key interest rates by 25 basis points. The bank cut its one-year
lending rate by 0.25 percentage points to 5.35 percent and the
deposit rates by 0.25 percentage points to 2.5 percent.
The move is expected to stimulate the world's second-largest
economy amid concerns of slowing economic growth.
Against the greenback, the yuan fell to a 28-month low of
6.2749. At Friday's close, the yuan was trading at 6.2589 against
the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 6.35 area.
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