BEIJING: The Chinese yuan declined against the U.S. dollar in the Asian session on Monday.
In economic news, data from the customs office showed Sunday that China’s trade surplus rises to a record high in February as exports rose and imports plunged. The trade surplus came in at $60.62 billion in February, much more than the $6 billion expected by economists. Against the greenback, the yuan fell to a 4-day low of 6.2665 from last week’s closing value of 6.2625.
If the yuan extends its downtrend, it is likely to find support around the 6.29 area.
The People Bank of China set today’s central parity rate for yuan at 6.1563 per dollar, compared to Friday’s reference rate of 6.1533. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
