Chinese Yuan Slides To More Than 2-month Low Against U.S. Dollar
February 19 2020 - 10:23PM
RTTF2
The Chinese yuan declined against the U.S. dollar in the Asian
session on Thursday, as China reduced interest rates to prevent the
adverse impact of the coronavirus outbreak.
On Thursday, China cut the one-year loan prime rate or LPR by 10
basis points in order to lower financing costs for businesses. The
five-year rate was reduced to 4.75 percent from 4.8 percent.
The yuan fell to 7.0256 against the greenback, its lowest level
since December 12. The next possible support for the yuan is seen
around the 7.2 level.
The People's Bank of China set today's central parity rate of
the yuan at 7.0026 per dollar, compared to Wednesday's rate of
7.0012. 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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