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US dollar edges higher as Chinese yuan continues slump

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The US dollar edged higher on foreign exchange markets on Thursday while China's yuan continued its week-long slide.

[NEW YORK] The US dollar edged higher on foreign exchange markets on Thursday while China's yuan continued its week-long slide.

The greenback pulled back from Wednesday's one-month lows to trade at US$1.0939 per euro and 121.62 yen at around 2200 GMT.

The dollar inched up against the pound as well, in mostly quiet trade with little news to set a new direction.

China's yuan, or renminbi, slumped further, taking its four-day loss against the dollar to about 0.7 per cent, the sharpest fall since an August devaluation.

The yuan was trading at 6.439 per dollar compared to 6.420 a day earlier and 6.395 at the beginning of the week.

Beijing is struggling with an outflow of capital and the ongoing slowdown in the economy.

Data showed this week another fall in both imports and exports in November, and China's foreign exchange reserves fell to their lowest level in nearly three years, to US$3.44 trillion.

AFP