Yuan stronger at 6.88 per US dollar, yen weakens

Business | 14 Jan 2020 11:08 am

The Japanese yen plumbed an eight-month low while the yuan climbed to its highest level since July today, after the U.S. Treasury Department reversed its decision in August to designate China as a currency manipulator, Reuters reports

The dollar hit an eight-month high of 109.95 yen in U.S. trade on Monday and last stood at 109.93 yen. The Japanese currency has weakened about 1.3 percent so far this year.

In contrast, the offshore yuan traded at 6.881 yuan per dollar, near its strongest since late July, having gained by about 1.2 percent so far this year.

The risk-on mood in financial markets mildly supported the euro against the dollar.

The European common currency, on a recovery after hitting a two-week low of US$1.10855 on Friday, last traded at US$1.1136.

Sterling came under renewed pressure after data showed Britain’s economy grew at its weakest annual pace in more than seven years in November, raising the chances of a cut to interest rates.

Sterling traded at US$1.2990, having fallen to a three-week low of US$1.2961 on Monday.

The British unit traded near its December low against the euro, which fetched 85.73 pence.

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