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Yuan touched a five-month low
By Hu Xiaocen |
May 25, 2012, Friday
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Online Edition
Online Edition
CHINESE yuan reached a five-month low against the US dollar as worsening debt crisis in the Europe strengthened the greenback, and the deepening slowdown of the world's second-biggest economy made its currency less popular.
The yuan dropped 0.24 percent this week to 6.3439 per US dollar in Shanghai, according to the China Foreign Exchange Trade System. The currency touched 6.3525, the weakest level since December 20. It has lost 0.53 percent this month, heading for its worst month in at least five years.
The People's Bank of China weakened the reference rate by 0.02 percent to 6.3260, the lowest level since March 15. The currency is allowed to trade as much as 1 percent on either side of the daily fixing.
The yuan dropped 0.24 percent this week to 6.3439 per US dollar in Shanghai, according to the China Foreign Exchange Trade System. The currency touched 6.3525, the weakest level since December 20. It has lost 0.53 percent this month, heading for its worst month in at least five years.
The People's Bank of China weakened the reference rate by 0.02 percent to 6.3260, the lowest level since March 15. The currency is allowed to trade as much as 1 percent on either side of the daily fixing.
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