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China’s yuan dips against dollar

China’s yuan dips against dollar

HONG KONG: China’s yuan slipped on Monday, setting it in line with the degree to which other rising currencies have weakened, after the central bank preset the daily midpoint weaker versus the dollar for a third straight day.
The china’s yuan dipped on Monday,set it into the line with the degree to which other rising currencies have
In early trade on Monday, the yuan weakened to 6.2240 per dollar compared to 6.2202 on Friday. Last week was the fourth in a row in which the Chinese currency declined against the dollar.
China’s central bank fixed the daily midpoint at 6.1220 per dollar
China’s central bank fixed the daily midpoint at 6.1220 per dollar on Monday compared to 6.1205 per dollar on Friday.
Chinese traders turned sharply bearish on the yuan in late November, after the central bank made a surprise cut to interest rates, seen as a sign of easing to come and by extension downward pressure on the yuan’s relative value.
Traders turned sharply bearish on the yuan in late November, after the central bank surprisin ..