Chinese Yuan Slides To 4-day Low Against U.S. Dollar

The Chinese yuan dropped against the U.S. dollar in the Asian session on Friday, as investors remained cautious amid concerns about the coronavirus outbreak.

The yuan dropped to a 4-day low of 6.9864 against the greenback from yesterday’s closing value of 6.9750. The yuan is likely to locate support around the 7.1 level.

The People’s Bank of China set today’s central parity rate of the yuan at 6.9843 per dollar, compared to Thursday’s rate of 6.9785. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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