Chinese Yuan Falls To 6-day Low Against U.S. Dollar

The Chinese yuan drifted lower against the U.S. dollar in Asian deals on Wednesday, after China’s central bank reduced its 14-day reverse repurchase rate by five basis points.

The People’s Bank of China lowered its rate on 14-day reverse repo agreement to 2.65 percent from 2.7 percent. The central bank also injected CNY 200 billion into the financial system via reverse repurchase agreements.

The yuan declined to a 6-day low of 7.0078 against the greenback from Tuesday’s closing value of 6.9960. The yuan is seen finding support around the 71.00 mark.

The People’s Bank of China set today’s central parity rate of the yuan at 6.9969 per dollar, compared to Tuesday’s rate of 6.9971. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

The material has been provided by InstaForex Company –

Source:: Chinese Yuan Falls To 6-day Low Against U.S. Dollar

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply