BEIJING: The Chinese yuan retreated from an early high against the US dollar in the Asian session on Thursday.
Pulling away from an early 3-day high of 6.1978 against the greenback, the yuan fell to a 6-day low of 6.2011.
If the yuan extends its downtrend, it is likely to find support around the 6.20 area.
The People Bank of China set today’s central parity rate for yuan at 6.1164 per dollar, compared to Wednesday’s reference rate of 6.1176. The central bank sets the reference rate every morning and allows the currency to move upto 2% from that level.
