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.

If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *