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Chinese Yuan Falls To 10-month Low Of Against U.S. Dollar
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the late Asian session on Thursday.
In economic news, data from the General Administration of Customs showed that China's exports slid 8.8 percent on a yearly basis in August but slower than the 14.5 percent decline in July. Moreover, the pace of decline was slower the economists' forecast of 9.2 percent.
At the same time, the annual fall in imports eased to 7.3 percent from 12.4 percent a month ago. Imports were forecast to drop more sharply by 9.0 percent.
Consequently, the trade balance showed a surplus of $68.4 billion, well below the expected level of $73.9 billion.
Against the greenback, the yuan fell to a 10-month low of 7.3260. At yesterday's close, the yuan was trading at 7.3160 against the greenback.
If the yuan extends its downtrend, it is likely to find support around the 7.35 area.
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