No red line has yet been drawn on the fall of the yuan

The depreciation of the yuan still finds no firm pullback from the Chinese authorities and it seems that the 6.60 level may not be where they really draw the line.

The offshore yuan weakened to 6.63 against the dollar, its weakest since November 2020.

As mentioned earlier, this is a key aspect to watch as it impacts the sentiment of other major currencies. In particular, this provides a strong tailwind for the dollar as the surge continues. But on top of that, I’d say that’s also part of the reason the Aussie and Kiwi are struggling pretty badly today despite better risk sentiment.


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