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Yuan concludes at 22-month minimum
On Thursday, the Chinese Yuan slumped beyond 6.95 per greenback, hitting its weakest value since January last year and breaking a level that some market participants had expected the Chinese government to defend.
By the end of the domestic trading marathon the spot <CNY=CFXS> had stabilized concluding at a reading of 6.9498 per greenback, diving about 0.11% from the previous night settlement, and being the weakest outcome for 22 months.
What’s more, some investors currently consider 7 yuan per greenback to be a level last observed during the global financial downtime, as the next resistance mark for the major Chinese currency.
Before the start, the PBOC had the midpoint rate <CNY=PBOC> set at about 6.9409 per greenback that appears to be a bit weaker than Wednesday's reading of 6.9357. By the way, the spot rate is capable of trading 2% below or above the midpoint.
As a matter of fact, onshore trading volume <CNYSPTVOL=CFXT> kept to $31.3 billion, which happens to be less than half the unexpectedly high volume of about $66.3 billion observed on Wednesday.
Eventually, the Yuan's late dive follow the publication of data from the Chinese FX regulator that disclosed that in September Chinese financial institutions sold a net $17.6 billion of foreign exchange to retail customers, which is higher than August’s outcome of $14.9 billion.
In addition to this, the Thomson Reuters/HKEX Global CNH index, gauging the offshore Yuan against a pack of currencies on a daily basis, kept to 92.67. The given result appears to be weaker than the reading recorded the previous day - 92.73.
Besides this, offshore one-year non-deliverable forwards contracts <CNY1YNDFOR=>, which are considered to be the ideal proxy for forward-looking market expectations of the Chinese Yuan’s value, accounted for 7.0436, rebounding nearly 1.46% from the midpoint.
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