23 February 2020

Yuan hits an 11-year low, a dramatic fall

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China’s yuan fell to an 11-year low against the dollar on Thursday due to worries about an economic slowdown, prompting Chinese state-owned banks to support the currency in the forwards market. reports citing The dollar held steady at 106.43 yen JPY=EBS following a 0.36% gain on Wednesday, its biggest since Aug. 13.

Against the Swiss franc CHF=EBS, the dollar traded at 0.9828, close to a two-week high of 0.9831.

The Australian dollar AUD=D3 fell 0.32% to $0.6761 and declined 0.47% to 71.95 yen AUDJPY=.

The New Zealand dollar NZD= skidded to $0.6372, the lowest since January 2016, and slumped 0.66% to 67.84 yen NZDJPY=.

The Fed and other central banks are cutting interest rates to contain a global economic slowdown caused by a prolonged trade war between the United States and China.

2019.08.22 / 10:53
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