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Tuesday, November 30, 2021

Yuan ends onshore trading session at 4-mth low on broad dollar strength

Yuan ends onshore trading session at 4-mth low on broad dollar strengthSHANGHAI: China’s yuan fell to a nearly four-month low against the US dollar at the official close of domestic trading on Monday afternoon, dragged lower by an extended rally in the greenback.

Losses in the yuan was reacting to rally in the dollar , which hit a fresh five-month high after US Treasury Secretary Steven Mnuchin said trade war with China is “on hold”.

The spot market opened at 6.3788 per dollar, eased to a low of 6.3941 at one point before settling at 6.3888 by the closing bell, the weakest such close since Jan. 23.

If the onshore spot yuan ends the late night session at its domestic close, it would have lost 0.19 percent against the dollar for the day.

Copyright Reuters, 2018
 

Source: Brecorder

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