Friday, the Chinese yuan plummeted to a 1-month low against the U.S. dollar. Meanwhile, the yuan dropped from a new multi-week high against the euro.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8347 and the euro-yuan pair at 8.9610.

The Chinese yuan weakened to a 1-month low 6.8459 against the U.S. dollar in early deals on Friday. The next downside target level for the Chinese currency is seen at 6.85. At yesterday's North American session close, the dollar-yuan pair was worth 6.8355.

The Chinese yuan pared the gains it posted in early Friday Asian trading against the euro towards the end of the session. The yuan thus fell from a new multi-week high of 8.9577 to 8.9896 by about 1:30 am ET. The near term support level for the Chinese currency is seen at 9.088. The euro-yuan pair closed Thursday's New York session at 8.9969.

The euro slumped yesterday after the European Central Bank said in its monthly bulletin that the world economy, including the euro area, is undergoing a severe downturn. The April bulletin was identical to the introductory statement given by the ECB President Jean-Claude Trichet on April 2, after announcing the Governing Council decision.

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