NewEuro slips to one month low against the dollar on Greek woes; China’s yuan weaker

The euro slipped to a near one month low against the US dollar on Thursday after Germany rebuffed Athens’ latest proposal to resolving the current deadlock over Greece’s debt crisis.

The European single currency weakened 0.77 per cent to 1.1049 US dollars in early trading, at the same time strengthening against the onshore yuan 0.18 per cent to 6.8558.

The onshore yuan traded also traded 0.06 per cent weaker against the greenback at 6.2048 after China’s central bank set the daily mid point 22 basis points weaker at 6.1171 per US dollar.

The yuan was partly under pressure after news that China’s central bank will inject 35 billion yuan into the money markets through seven-day reverse bond repurchase agreements on Thursday, the biggest weekly injection since mid February, Reuters reported citing traders.

The offshore yuan also softened 0.02 per cent Thursday to 6.2059 against the US dollar.

The Hong Kong dollar strengthened 0.01 per cent to 7.7516 to the US dollar.