Business
11:34, 26-Oct-2018
Chinese yuan weakened on Friday
Updated
11:27, 29-Oct-2018
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The central parity rate of the Chinese currency renminbi, also known as the yuan, weakened 101 basis points to 6.9510 against the US dollar Friday morning, its weakest performance since the start of January 2017, according to the China Foreign Exchange Trade System.
The offshore Chinese yuan weakened beyond 6.95 per US dollar in late trade on Thursday. This morning it kept dropping and once reached 6.9676.
Some traders now view seven yuan per dollar, a level last seen during the global financial crisis, as the next resistance level for the Chinese currency.
Source(s): Reuters
,Xinhua News Agency