The Chinese yuan weakened against the U.S. dollar in the Asian session on Tuesday.
Against the greenback, the yuan fell to a 4-1/2-year low of 6.4973 from yesterday’s closing value of 6.4870.
If the yuan extends its downtrend, it is likely to find support around the 6.45 area.
The People Bank of China set today’s central parity rate for yuan at 6.4864 per dollar, compared to Monday’s reference rate of 6.4750. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
The material has been provided by InstaForex Company – www.instaforex.com