Forex Trading System | Sure Fire Forex Trading
forex trading systemsure fire forex tradingForex Trading System | Sure Fire Forex Trading
China's yuan caught in FX selloff; drops sharply in Hong Kong
The CNH market was the last to capitulate after sharp drops this week, particularly on Thursday, as investors cut exposure to regional currencies such as the Indonesian rupiah , Korean won and the Indian rupee .
While analysts refused to treat the yuan's sudden weakness as an indication China is acting to keep its exports more competitive in the face of another global economic slowdown, the severity of the drop suggested more weakness in store, for now.
By 0600 GMT, the CNH was trading at 6.50 versus the U.S. dollar, well below an intraday low of 6.56. Against the onshore yuan , it was trading at a record discount of more than 0.15 yuan.
Typically, the yuan in the offshore market trades at a premium to the onshore rate as the Chinese currency is freely convertible in Hong Kong and investors have purchased it aggressively, betting on further gains.
Those bets were amplified after the People's Bank of China fixed the yuan's midpoints in a series of record high fixings
after a historic U.S. downgrade last month. Jonathan Cavenagh, senior FX strategist with Westpac in Singapore, said money had flooded into the CNH market betting on further currency appreciation despite the relatively lower yields available in the former British colony.
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