China’s yuan leaps to 7-month high, led by stronger yen, unwinding of global carry trade

Quick Summary:

The sudden uptick in funding currencies, particularly yen and yuan, dented carry trades, after weak US labour data late last week stoked recession worries and expectations of deeper rate cuts by the Federal Reserve.

The official fixings have been set at firmer-than-expected levels for well over a year, a trend that traders say reflects Beijing’s desire to keep its currency stable.

The yuan is still down 0.5 per cent against the dollar so far this year.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Reuters

Category: Business

Markets: Hong KongChinaJapan

Topics: Cent Been Trades Rate Bank Dollar Yuan Currency Market Traders Chinese

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 12:45:47 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 450 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21925675

View Article Analysis

About SCMP

Main Topics: Business

Official Website: scmp.com

Update Frequency: 8 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 1 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #42

Publisher Details

Frequently Asked Questions