China’s yuan fell to a more-than-two-month low against the U.S. dollar Thursday after the central bank guided the local currency weaker for the third session in a row, fueling yuan depreciation.
On the over-the-counter market, the dollar was at CNY6.0834 around 0830 GMT, after hitting CNY6.0851–its highest level since early December and much higher than Wednesday’s close of CNY6.0764. The dollar traded in a range of CNY6.0807 to CNY6.0851.
The People’s Bank of China set the dollar/yuan central parity rate at 6.1146, above Wednesday’s 6.1103. The increase in the central parity came after the U.S. Federal Reserve meeting minutes showed support for the current pace of cutbacks to its bond-buying program. However, the parity has been strengthening recently even when the dollar was volatile on weak economic indicators.
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Wynne Wang, Wall Street Journal via CHINA US Focus http://ift.tt/1jgZdnl
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