Chinese Yuan Off 4-day Low Against U.S. Dollar
December 15 2019 - 9:05PM
RTTF2
The Chinese yuan trimmed its early losses against the U.S.
dollar in late Asian deals on Monday.
The yuan rebounded to 6.9980 against the greenback, from a low
of 7.0045 set at 8:40 pm ET. The yuan is seen finding resistance
around the 6.8 mark.
The People's Bank of China set today's central parity rate of
the yuan at 6.9915 per dollar, compared to Friday's rate of 7.0156.
The Chinese central bank sets central parity rate every morning and
allows the yuan to fluctuate up to 2 percent from that level.
In economic releases, data from the National Bureau of
Statistics showed that China industrial output grew by
more-than-expected 6.2 percent on a yearly basis in November,
faster than the 4.7 percent increase in the previous month.
Output was forecast to climb 5 percent.
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