Euro hits over 10-year low against yuan
By Jane Feng |
July 24, 2012, Tuesday
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Print Edition
Print Edition
THE euro yesterday weakened to its lowest level against the yuan in more than 10 years after the yield for the 10-year Spanish government bond surged to a record 7.32 percent last Friday.
The central parity rate was set yesterday morning at 7.6762 yuan per euro, the strongest since May 31, 2002.
The Bank of Spain said yesterday the country's economy contracted 0.4 percent in the second quarter, worse than the first quarter's 0.3 percent. The government said on Friday that the recession would continue next year, instead of ending this year with a modest growth as previously forecast.
The central parity rate was set yesterday morning at 7.6762 yuan per euro, the strongest since May 31, 2002.
The Bank of Spain said yesterday the country's economy contracted 0.4 percent in the second quarter, worse than the first quarter's 0.3 percent. The government said on Friday that the recession would continue next year, instead of ending this year with a modest growth as previously forecast.
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