25.04.201401:12:00UTC+00Yuan Weakens To Mutli-year Low Against U.S Dollar

The yuan weakened against the U.S dollar in the Asian session on Friday.

Against the greenback, the yuan fell to 6.2534 for the first time since December 2012. The pair worth 6.2489 at yesterday's close.

If the yuan extends its downtrend, it is likely to face support around the 6.31 area.

The People Bank of China set today's central parity rate for yuan at 6.1576 per dollar, compared to Thursday's reference rate of 6.1589. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.