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Forex News: Chinese Yuan Falls To More Than 1-month Low

Chinese Yuan Falls To More Than 1-month Low Against U.S. Dollar

01/15/2024 - 00:50:00 (RTTNews)

(RTTNews) - 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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