Chinese Yuan Weakens To 8-day Low Against U.S. Dollar

By | May 15, 2020
Chinese Yuan Weakens To 8-day Low Against U.S

The Chinese yuan depreciated against the U.S. dollar in the Asian session on Friday, amid mixed economic data from China and worries about rising tensions between the U.S. and China over the coronavirus pandemic.

China’s industrial production rose in April, while fixed asset investment and retail sales fell more than expected.

The yuan fell to 7.1025 against the greenback, its lowest level since May 7. The next possible support for the yuan is seen around the 7.2 level.

The People’s Bank of China set today’s central parity rate of the yuan at 7.0936 per dollar, compared to Thursday’s rate of 7.0948. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.