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Chinese Yuan Falls To 8-day Low Against U.S. Dollar
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the Asian session on Tuesday.
Traders remain cautiously optimistic on the outlook for markets after the U.S.-China temporary trade truce. They now stay focused on the outcome of US trade negotiations with India and Japan. Some traders also locked in profits following the recent upside in the markets.
China also cut its benchmark lending rates for the first time in 7 months to boost its struggling economy amid rising trade tensions.
The People's Bank of China (PBOC), China's central bank, announced a reduction in Loan Prime Rates (LPRs) today. The one-year LPR was reduced from 3.1% to 3.0%, while the five-year LPR was decreased from 3.60% to 3.50%.
Against the U.S. dollar, the yuan fell to an 8-day low of 7.2248 from Monday's closing value of 7.2159.
If the yuan extends its downtrend, it is likely to find support around the 7.28 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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