Offshore Yuan Near 7 a Dollar on Quota Reset Concern, Trump Bets
- China cuts dollar weighting in currency basket, adds 11 more
- PBOC to guide market via fixings, won’t let 7 be hit soon: ANZ
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The offshore yuan inched lower toward 7 per dollar, widening its discount to the onshore rate to the most in more than two weeks, as traders sold the currency on bets it would face stronger depreciation pressures as the year turns.
China’s currency traded in Hong Kong dropped as much as 0.23 percent to 6.9873 per dollar Thursday. The offshore yuan’s discount to the onshore exchange rate, seen as a gauge of traders’ bearishness on the currency, expanded to the most since Dec. 13 on an intraday basis.