The Chinese yuan weakened against the U.S. dollar in the Asian session on Tuesday.
Against the greenback, the yuan fell to a 2-day low of 6.2278. At yesterday's close, the yuan was trading at 6.2217 against the greenback.
If the yuan extends its downtrend, it is likely to find support around the 6.26 area.
The People Bank of China set today's central parity rate for yuan at 6.1230 per dollar, compared to Monday's reference rate of 6.1220. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
The material has been provided by InstaForex Company – www.instaforex.com