Spot yuan declines the most in 5 weeks
By Feng Jianmin |
January 22, 2013, Tuesday
|
Print Edition
Print Edition
THE yuan yesterday weakened the most in five weeks on the spot market after the Chinese central bank set the reference rate to a 10-day low.
The yuan dipped 0.09 percent to 6.2213 dollars in Shanghai, the largest daily decline since December 14, according to the China Foreign Exchange Trade System. The yuan can trade up to 1 percent on either side of the central bank's fixing.
The People's Bank of China yesterday set the central parity rate at 6.2790 per US dollar, the weakest since January 10.
The yuan's weakening occurred as other major currencies, including the euro, yen and pound, slipped against the US dollar on speculation that on-going meetings of leaders in Europe and Japan would lead to monetary easing in both regions.
The yen hit the weakest against the dollar in over two years yesterday. It recovered before the market closed.
The yuan dipped 0.09 percent to 6.2213 dollars in Shanghai, the largest daily decline since December 14, according to the China Foreign Exchange Trade System. The yuan can trade up to 1 percent on either side of the central bank's fixing.
The People's Bank of China yesterday set the central parity rate at 6.2790 per US dollar, the weakest since January 10.
The yuan's weakening occurred as other major currencies, including the euro, yen and pound, slipped against the US dollar on speculation that on-going meetings of leaders in Europe and Japan would lead to monetary easing in both regions.
The yen hit the weakest against the dollar in over two years yesterday. It recovered before the market closed.
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