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China's onshore yuan falls to lowest in two years against the dollar

Started by forex4you, Sep 05, 2022, 01:43 pm

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China's onshore yuan falls to lowest in two years against the dollar

<p style="" class="text-align-justify">The <a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-68998-vs-estimate-at-69153-20220905/" target="_blank">fix</a> today was a little tricky as the PBOC kept USD/CNY just below 6.9000 but as the dollar is continuing to run riot, we are seeing the pair break higher in a push to 6.9400 on the day now.</p><p style="" class="text-align-justify">As mentioned last week, China is looking to pump the brakes on the latest drop in the yuan but it seems more than likely that they will ease USD/CNY towards 7.00 and perhaps draw a hard line there.</p><p style="" class="text-align-justify">But for now, the extended decline in the yuan will continue to pressure risk and emerging markets in general while still providing added support for the dollar in the meantime.</p>

This article was written by Justin Low at www.forexlive.com.

Source: China's onshore yuan falls to lowest in two years against the dollar

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