Chinese Yuan Off 4-day Low Against U.S. Dollar

The Chinese yuan trimmed its early losses against the U.S. dollar in late Asian deals on Monday.

The yuan rebounded to 6.9980 against the greenback, from a low of 7.0045 set at 8:40 pm ET. The yuan is seen finding resistance around the 6.8 mark.

The People’s Bank of China set today’s central parity rate of the yuan at 6.9915 per dollar, compared to Friday’s rate of 7.0156. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

In economic releases, data from the National Bureau of Statistics showed that China industrial output grew by more-than-expected 6.2 percent on a yearly basis in November, faster than the 4.7 percent increase in the previous month.

Output was forecast to climb 5 percent.

The material has been provided by InstaForex Company – www.instaforex.com