Chinese Yuan Slides To 8-day Low Against U.S. Dollar
11 April 2024 - 3:45AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Thursday.
In economic news, data from the National Bureau of Statistics
showed that the consumer prices in China fell 1.0 percent on month
in March. That was shy of forecasts for a decline of 0.6 percent
following the 1.0 percent increase in February.
On a yearly basis, inflation rose 0.1 percent - again missing
expectations for a gain of 0.4 percent and slowing from 0.7 percent
in the previous month.
The bureau also said that producer prices were down 2.8 percent
on year, matching forecasts following the 2.7 percent contraction a
month earlier.
Against the U.S. dollar, the yuan fell to an 8-day low of
7.2361. At yesterday's close, the yuan was trading at 7.2340
against the yuan.
If the yuan extends its downtrend, it is likely to find support
around the 7.25 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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