IV:Forex - Chinese yuan weaker against dollar, but 2% band not tested
Investing.com - The Chinese yuan fell against the U.S. dollar on Monday, but failed to test the newly-widened daily trading band of 2%.
The yuan traded at 6.1591 on Monday against the dollar, falling to low as 6.1624, compared with last Friday's close of 6.1502 and today's central parity fixing of 6.1321.
Going by the band, the yuan is could drop to 6.2547 on Monday after the PBOC said at the weekend that it has doubled the currency's daily trading range against the dollar to 2% either side of the central parity fixing. The upper bound is at 6.0095.
In the offshore market, spot yuan was last quoted at 6.1556/63 against the dollar.
