Fri, Oct 07, 2022 @ 06:44 GMT
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Chinese Yuan selloff intensifies, heading to decade low, SSE and HSI not too bothered though

Chinese Yuan’s selloff picks up some momentum today. USD/CNH (offshore) break 6.9586 yesterday, as well as a near term channel resistance. The upside acceleration suggests that Yuan selling might intensify for the near term.

Now, it looks like a break of 6.9875 high in USD/CNH (2017) low is inevitable. That is, Yuan will hit the lowest level in a decade. The question now is whether there will be intervention of some sort to keep USD/CNH below 7.000 handle.

Reactions in the stock markets are muted though. At the time of writing, the Shanghai SSE is down just -0.46% at 2591. Hong Kong HSI is also down -1.09% only as recent down trend extends steadily.

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