US dollar edges higher as Chinese yuan continues slump
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[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.
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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
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