Chinese Yuan Falls as Greece Damps Demand for Riskier Assets
The Chinese yuan weakened a little today as the crisis in Europe reduced attractiveness of emerging markets’ assets and as China’s central bank lowered reference rate.
New elections in Greece may be held as soon as June 10, adding to uncertainty about the situation in the European Union. China’s slowing growth also damp demand for the nation’s currency. The People’s Bank of China set the fixing 0.15 percent lower at 6.3205. The yuan is allowed to trade 1 percent on either side of the daily reference rate.
USD/CNY traded at about 6.3229 as of 10:32 GMT today after opening at 6.3225 and rising as high as 6.3286.
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Earlier News About the Chinese Yuan:
- China Gives Yuan a Little More Room to Float (2012-04-16)
- Yuan Gains as China's Manufacturing Expands (2012-04-02)
- Yuan Falls, Ending Two-Day Rally, on Concerns About China's Slowdown (2012-03-29)
- Yuan Appreciates as China Plans to Allow More Flexibility (2012-03-27)
- Yuan Rises as China Eases Regulations (2012-03-22)