RTTN:Chinese Yuan Declines To 1-week Low Against U.S. Dollar
The Chinese yuan slipped against the U.S. dollar in Asia on Monday.
The yuan reached a weekly low of 6.1054 against the greenback from last week's closing quote of 6.0907. If the yuan declines further, it may target support around the 6.11 area.
The People Bank of China set today's central parity rate for yuan at 6.1390 per dollar, compared to Friday's reference rate of 6.1355. The central bank sets the reference rate every morning and allows the currency to move upto 1 percent from that level.
