Chinese Yuan Slides To 8-day Low Against U.S. Dollar

Date : 07/23/2012 @ 10:30PM
Source : RTTF2
Stock : United States Dollar (B) VS China Yuan Renminbi Spot (USD/Cny) (USDCNY)
Quote : 6.2791  0.0065 (0.10%) @ 5:21PM
United States Dollar vs China Yu share price Chart

Chinese Yuan Slides To 8-day Low Against U.S. Dollar

United States Dollar vs China Yu (FX:USDCNY)
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The Chinese yuan weakened against the U.S. dollar during the early Asian session on Tuesday. The yuan slipped to 6.3939 against the greenback, its lowest level since July 16. The next downside target level for the yuan is seen at 6.4. At yesterday's close, the pair was worth 6.3870.

The growth rate in the leading economic indicator for China eased significantly in June, giving little evidence of a rebound in economic activity, the Conference Board said today.

The Conference Board's leading economic index increased 0.1 percent month-on-month in June to 234.9. This followed a 1.1 percent increase in May and a 0.9 percent increase in April.

The People's Bank of China set today's central parity rate for the yuan at 6.3339 per dollar, compared to yesterday's daily reference rate of 6.3270. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.

China's HSBC Flash Manufacturing PMI for July is due shortly.

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