AFP, Tokyo :
The dollar rose against a range of Asia-Pacific currencies on Wednesday after China cut the value of the yuan against the greenback for a second consecutive day.
The dollar added to the previous day’s gains against the Indonesian rupiah, Indian rupee and South Korean won, while it dipped to 124.81 yen in late trade in Tokyo after earlier jumping past its New York price of 125.12 yen.
The US unit also strengthened against the Australian dollar, which is often seen as a proxy for China’s yuan, with the Aussie at 72.62 US cents, down from 73.47 cents on Tuesday.
The Chinese yuan fetched 19.47 yen, against 19.75 yen.
The daily fix that sets the value of the Chinese currency against the greenback was lowered by 1.62 percent to 6.3306 yuan, from 6.2298 on Tuesday, the People’s Bank of China said in a statement on its website.
The move, a day after the unit was devalued by nearly two percent, was widely viewed as a way to help boost exports as growth slows in the word’s second-largest economy.
The dollar rose against a range of Asia-Pacific currencies on Wednesday after China cut the value of the yuan against the greenback for a second consecutive day.
The dollar added to the previous day’s gains against the Indonesian rupiah, Indian rupee and South Korean won, while it dipped to 124.81 yen in late trade in Tokyo after earlier jumping past its New York price of 125.12 yen.
The US unit also strengthened against the Australian dollar, which is often seen as a proxy for China’s yuan, with the Aussie at 72.62 US cents, down from 73.47 cents on Tuesday.
The Chinese yuan fetched 19.47 yen, against 19.75 yen.
The daily fix that sets the value of the Chinese currency against the greenback was lowered by 1.62 percent to 6.3306 yuan, from 6.2298 on Tuesday, the People’s Bank of China said in a statement on its website.
The move, a day after the unit was devalued by nearly two percent, was widely viewed as a way to help boost exports as growth slows in the word’s second-largest economy.
