As the Covid outbreak extends to Beijing, the yuan fell to its lowest level in a year, with the central bank standing by as traders move bearish on the currency.
The offshore yuan plummeted as far as 1.1% to 6.5979 per dollar, the lowest level since November 2020, as the People’s Bank of China refrained from expressing displeasure with the daily rates.
For the second day in a row, the currency has dropped more than 1.1% intraday, with little indication that authorities will intervene to stop the slide. In the onshore market, the currency also declined. The Yuan was trading at 6.5549 at the time of writing.
For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah
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