Chinese Yuan Falls To 2-day Low Against U.S. Dollar
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Friday.
In economic news, data from Caixin showed that the manufacturing sector in China continued to expand in February, and at a slightly faster rate, with a manufacturing PMI score of 50.9. That's up from 50.8 in January, and it moved further above the boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the non-manufacturing PMI climbed to 51.4 from 50.7 in the previous month, while the composite index was unchanged at 50.9.
Against the greenback, the yuan fell to a 2-day low of 7.1972 from an early high of 7.1933. At yesterday's close, the yuan was trading at 7.1877 against the greenback.
If the yuan extends its downtrend, it is likely to find support around 7.20 against the greenback.
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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