Chinese Yuan Falls To 8-day Low Against U.S. Dollar
March 15 2024 - 12:35AM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Friday.
In economic news, China's central bank decided to maintain its
one-year medium-term lending facility rate, and drained liquidity
out of the system for the first time since late 2022.
The People's Bank of China added CNY 387 billion into the
financial system via MLF, which is set to mature in a year, at a
rate of 2.5 percent, unchanged from the prior operation. Nearly CNY
481 million of MLF will expire this month.
Against the U.S. dollar, the yuan fell to an 8-day low of 7.1965
from an early high of 7.1945. At yesterday's close, the yuan was
trading at 7.1932 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around the 7.21 area.
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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