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China‘s Yuan hits 7-month low against US dollar

China‘s Yuan hits 7-month low against US dollar

BEIJING: China’s Yuan plunged to a seven-month low against US dollar today and almost touched its 2% daily trading edge for the first time, destroyed by increasingly bearish hopes towards the currency.
As the US dollar strengthens globally and emerging market currencies suffer, the yuan has slumped in December, declining 1.3% so far this month.
The yuan looks set to end the year down 2.8%, the first meaningful annual depreciation since its landmark revaluation in 2005.
In consistent efforts to control the pace of the yuan’s depreciation, the People’s Bank of China set its midpoint rate only slightly weaker at 6.1224 per US dollar prior to market open today, compared with the previous fix of 6.1205.
Spot yuan opened at 6.2290 and was changing hands at 6.2285 at midday, 67 pips away from the previous close and 1.73% away from the midpoint.
It hit an intraday low of 6.2362 in early trade, its weakest level since June 25 and 1.82% away from the midpoint.
The spot rate is currently allowed to trade with a range 2% above or below the official fixing on any given day.