The Chinese yuan fell against the U.S. dollar in the Asian session on Wednesday, as tensions between the U.S. and China intensified over the spread of the coronavirus pandemic.

The yuan dropped to 7.0989 against the greenback, its lowest level since April 2. The next possible support for the yuan is seen around the 7.02 level.

The People's Bank of China set today's central parity rate of the yuan at 7.0690 per dollar, compared to Tuesday's rate of 7.0571. 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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