Yuan hits five-month low versus dollar
By Lilith Hu |
May 26, 2012, Saturday
|
Print Edition
Print Edition
THE Chinese yuan reached a five-month low against the US dollar - closing at 6.3439 per dollar yesterday - as the worsening debt crisis in Europe strengthened the greenback, and the deepening slowdown in China, the world's second-biggest economy, made its currency less popular.
"Europe's debt crisis has dragged down the euro further, pushing up the dollar against a basket of currencies," said Li Wei, an economist at Standard Chartered Bank.
The yuan dropped 0.24 percent this week to close at 6.3439 per dollar yesterday in Shanghai, according to the China Foreign Exchange Trade System. The currency has declined 0.53 percent in May so far, heading for its worst month in at least five years.
The People's Bank of China set the central parity rate at 6.326 yesterday, compared with Thursday's 6.3247, to follow the strengthening dollar. The yuan is allowed to rise or fall by 1 percent from the reference rate on each trading day.
"Europe's debt crisis has dragged down the euro further, pushing up the dollar against a basket of currencies," said Li Wei, an economist at Standard Chartered Bank.
The yuan dropped 0.24 percent this week to close at 6.3439 per dollar yesterday in Shanghai, according to the China Foreign Exchange Trade System. The currency has declined 0.53 percent in May so far, heading for its worst month in at least five years.
The People's Bank of China set the central parity rate at 6.326 yesterday, compared with Thursday's 6.3247, to follow the strengthening dollar. The yuan is allowed to rise or fall by 1 percent from the reference rate on each trading day.
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