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Forex News: Chinese Yuan Drops To 6-day Low Versus U.S.

Chinese Yuan Drops To 6-day Low Versus U.S. Dollar

01/21/2020 - 01:58:00 (RTTNews)

(RTTNews) - The Chinese yuan slipped against the U.S. dollar in Asian trading on Tuesday, amid concerns about the spread of the Chinese virus as the fourth death from the disease was confirmed.

Investors fear that the disease might spread faster during the Lunar New Year holiday, the Chinese-speaking world's busiest travel season.

The yuan declined to a 6-day low of 6.8978 versus the greenback from Monday's closing value of 6.8663. The yuan is poised to challenge support around the 7.0 mark.

The People's Bank of China set today's central parity rate of the yuan at 6.8606 per dollar, compared to Monday's rate of 6.8664. 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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