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

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

04/11/2024 - 01:45:00 (RTTNews)

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

In economic news, data from the National Bureau of Statistics showed that the consumer prices in China fell 1.0 percent on month in March. That was shy of forecasts for a decline of 0.6 percent following the 1.0 percent increase in February.

On a yearly basis, inflation rose 0.1 percent - again missing expectations for a gain of 0.4 percent and slowing from 0.7 percent in the previous month.

The bureau also said that producer prices were down 2.8 percent on year, matching forecasts following the 2.7 percent contraction a month earlier.

Against the U.S. dollar, the yuan fell to an 8-day low of 7.2361. At yesterday's close, the yuan was trading at 7.2340 against the yuan.

If the yuan extends its downtrend, it is likely to find support around the 7.25 region.

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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