The Chinese yuan weakened against the U.S. dollar in the late Asian session on Monday, as sentiment dampened following the weekend G20 group of nations’ meeting ended without the announcement of any concrete measures to boost global economic growth.
Against the greenback, the yuan fell to a 2-week low of 6.5480 from an early high of 6.5369.
If the yuan extends its downtrend, it is likely to find support around the 6.59 area.
The People Bank of China set today’s central parity rate for yuan at 6.5452 per dollar, compared to Friday’s reference rate of 6.5338. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
The material has been provided by InstaForex Company – www.instaforex.com