Yuan weakens to 11-1/2-yr low on trade fatigue, but PBOC fixing offers some relief
China’s yuan weakened for the
ninth straight session on Tuesday, plumbing new 11-1/2-year
lows, as dramatic twists in the Sino-U.S. trade war left
investors sceptical of the chances of a near-term deal.
Losses were kept in check, however, after the central bank
set a daily midpoint that was stronger than traders expected,
raising hopes it was again trying to stabilise the currency.
The yuan has lost nearly 3% against
ninth straight session on Tuesday, plumbing new 11-1/2-year
lows, as dramatic twists in the Sino-U.S. trade war left
investors sceptical of the chances of a near-term deal.
Losses were kept in check, however, after the central bank
set a daily midpoint that was stronger than traders expected,
raising hopes it was again trying to stabilise the currency.
The yuan has lost nearly 3% against
Posted by Reuters
