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Forex News: Chinese Yuan Off 8-day Low Against U.S. Dollar

Chinese Yuan Off 8-day Low Against U.S. Dollar

12/20/2019 - 01:49:00 (RTTNews)

(RTTNews) - The Chinese yuan rebounded from its early low against the U.S. dollar in late Asian deals on Friday.

The yuan was trading at 7.0033 per dollar, up from an early 8-day low of 7.0132. The pair had finished yesterday's deals at 7.0096.

The People's Bank of China set today's central parity rate of the yuan at 7.0020 per dollar, compared to yesterday's rate of 7.0025.The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

China retained its benchmark lending rates, as widely expected, after lowering it last month.

The one-year loan prime rate was retained at 4.15 percent and the five-year loan prime rate at 4.80 percent.

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