CHINA-ECONOMY: CHINESE YUAN DROPS VIS-A-VIS THE U.S. DOLLAR AFTER THE RESULTS OF THE 20TH PARTY CONGRESS
|
The offshore yuan weakened past the key 7.3 per dollar level on mounting concerns over the
Chinese economy and threat of further outflows due to hawkish Federal Reserve bets. The
Chinese currency sank to 7.3069 per dollar, an all-time low since the unit started trading in
2010. That’s after the currency traded in Shanghai weakened to a fresh 14-year low amid the
absence of a shift in the nation’s Covid policies that have crimped growth. The Hang Seng
China Enterprises Index plunged 7.3% at the close.
|