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

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

12/26/2024 - 01:51:00 (RTTNews)

(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Thursday.

Global markets were closed for Christmas holiday and the thin trading with some markets in the region closed in the holiday-shortened week.

Traders react to China's central bank holding the interest rate on the one-year medium-term lending facility at 2% on Wednesday.

Against the U.S. dollar, the yuan fell to more than a 1-year low of 7.3114 from yesterday's closing quotes of 7.2975.

If the yuan extends its downtrend, it is likely to find support around the 7.35 region.

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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