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Forex News: Chinese Yuan Falls To 8-day Low Against U.S.

Chinese Yuan Falls To 8-day Low Against U.S. Dollar

03/15/2024 - 04:35:00 (RTTNews)

(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Friday.

In economic news, China's central bank decided to maintain its one-year medium-term lending facility rate, and drained liquidity out of the system for the first time since late 2022.

The People's Bank of China added CNY 387 billion into the financial system via MLF, which is set to mature in a year, at a rate of 2.5 percent, unchanged from the prior operation. Nearly CNY 481 million of MLF will expire this month.

Against the U.S. dollar, the yuan fell to an 8-day low of 7.1965 from an early high of 7.1945. At yesterday's close, the yuan was trading at 7.1932 against the greenback.

If the yuan extends its downtrend, it is likely to find support around the 7.21 area.

The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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