China's yuan nears key threshold, set for third straight yearly loss in 2024

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The Star 12h ago

China's yuan nears key threshold, set for third straight yearly loss in 2024 - The Star

Quick Summary:

SHANGHAI: China's yuan hovered near a 13-month low in holiday-thinned trading on Thursday, not far from breaching a key threshold, as widening yield differentials between the world's two largest economies continued to drag the currency.

The offshore yuan traded at 7.3039 yuan per dollar.

Uncertainties around the Federal Reserve's pace of monetary easing has supported Treasury yields and widened their premium over Chinese counterparts, which have been falling rapidly in the past few months to record low levels in anticipation of fresh stimulus to aid the economy.