YUAN FALLS TO 8-YEAR LOW AGAINST DOL­LAR

The Sun (Malaysia) - - SUNBIZ -

HONG KONG: China’s yuan weak­ened to an eight-year low yes­ter­day as ex­pec­ta­tions of higher US in­ter­est rates buoyed the dol­lar. The yuan has now de­pre­ci­ated 5.4% against the dol­lar so far this year. Prior to the mar­ket open, the Peo­ple’s Bank of China set a weaker mid­point for the ninth con­sec­u­tive day. It set the mid­point at 6.8592 per dol­lar, weaker than the pre­vi­ous fix of 6.8495. In the spot mar­ket, the yuan opened at 6.8608 per dol­lar and was chang­ing hands at 6.8700 at midday, 135 pips away from the pre­vi­ous late ses­sion close and 0.16% away from the mid­point. – Reuters

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