LOC18:26
15:26 GMT
TOKYO, Jan 26 (KUNA) -- The Chinese yuan (renminbi) weakened 0.41 percent to a seven-month low against the US dollar on Monday to CNY 6.2542, according to the China Foreign Exchange Trading System. The rate plunged for the second trading day from Friday's close, marking the weakest since June 2014.
The People's Bank of China set a central parity rate of CNY 6.1384 per US dollar on Monday morning, the lowest since December 4. The central bank fixes the central parity rate, an official reference for daily trading, every morning, and allows the currency to rise or fall up to 2.0 percent from the rate.
Xie Yaxuan, chief analyst under China Merchants Securities, attributed dropping yuan to the European Central Bank's bond-buying program and results of the Greek election, state-run Xinhua News Agency reported.
"The recent change of the yuan reflected the lowering trend of the Euro and also responded to the US Dollar Index, which just reached a high," Xie was quoted as saying. (end)
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