Chinese Yuan Falls To More Than 1-month Low Against U.S. Dollar
15 January 2024 - 11:50AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Monday, after the People's Bank of China (PBOC) left its
medium-term policy rate unchanged.
The China's central bank left the rate on its one-year policy
loans at 2.5 percent unexpectedly.
Against the greenback, the yuan fell to more than a 1-month low
of 7.1803 from Friday's closing value of 7.1662.
If the yuan extends its downtrend, it is likely to find support
around the 7.20 area.
The People's Bank of China sets central parity rate every
morning and allows the yuan to fluctuate up to 2 percent from that
level.
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