Chinese Yuan Continues to Retreat From Six-Month High
Tang Shihua
/SOURCE : yicai

(Yicai Global) Feb. 11 -- The yuan continued to back down from its six-month high against the greenback, an apex it reached in the week prior to the week-long Chinese Lunar New Year holiday.

At 4.30 p.m., the onshore spot rate closed at 6.7804, 413 points or 0.61 percent weaker than it ended on Feb. 1, the last trading day before the holiday interruption. 

The offshore spot rate was 6.7913, a 60 basis point increase from Friday's close in New York. The yuan traded in a 6.7464-6.7967 range against the greenback in the Big Apple over the vacation.

The redback has performed strongly against the dollar since early last month, hitting new six-month highs for four straight days in the week before the Spring Festival break, only to yield some ground on the final trading day. 

The yuan rose a cumulative 2.6 percent against the greenback on the onshore market in January.

Editor: Ben Armour

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Keywords: Yuan , US Dollar , Foreign Exchange Market