Chinese Yuan Weakens To 8-day Low Against U.S. Dollar
May 14 2020 - 10:39PM
RTTF2
The Chinese yuan depreciated against the U.S. dollar in the
Asian session on Friday, amid mixed economic data from China and
worries about rising tensions between the U.S. and China over the
coronavirus pandemic.
China's industrial production rose in April, while fixed asset
investment and retail sales fell more than expected.
The yuan fell to 7.1025 against the greenback, its lowest level
since May 7. 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 7.0936 per dollar, compared to Thursday's rate of
7.0948. 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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