Chinese Yuan Slides To 8-day Low Against U.S. Dollar
July 23 2012 - 10:30PM
RTTF2
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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