Chinese Yuan Drops To 6-day Low Versus U.S. Dollar
January 20 2020 - 8:58PM
RTTF2
The Chinese yuan slipped against the U.S. dollar in Asian
trading on Tuesday, amid concerns about the spread of the Chinese
virus as the fourth death from the disease was confirmed.
Investors fear that the disease might spread faster during the
Lunar New Year holiday, the Chinese-speaking world's busiest travel
season.
The yuan declined to a 6-day low of 6.8978 versus the greenback
from Monday's closing value of 6.8663. The yuan is poised to
challenge support around the 7.0 mark.
The People's Bank of China set today's central parity rate of
the yuan at 6.8606 per dollar, compared to Monday's rate of 6.8664.
The Chinese central bank sets central parity rate every morning and
allows the yuan to fluctuate up to 2 percent from that level.
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