China's RMB drops against USD for 4th day

The Chinese currency Renminbi, weakened 22 basis points to 6.3235 against the USD on Thursday, according to the China Foreign Exchange Trading System.

The retreat marks the 4th straight day of decline against the USD.

The Yuan hit 6.2919 against the USD on 29 February, a record high since the country started reforming its exchange rate formation mechanism in Y 2005.

In China's foreign exchange spot market, the Yuan is allowed to rise or fall by 0.5% from the central parity rate each trading day.

The central parity rate of the Yuan against the USD is based on a weighted average of prices before the opening of the market each business day.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.