For Clues on Where the Dollar Is Heading Next, Look to Beijing
U.S. Dollar on Track for Best Week This Year
This article is for subscribers only.
China’s central bank may be playing an increasingly pivotal role in global currency markets.
The greenback has done a stunning about turn, with the Bloomberg Dollar Spot Index climbing 2.5 percent from its low on Sept. 8. While a more hawkish Federal Reserve, planned tax reforms and selling fatigue no doubt played a part, the rebound coincided with a dramatic move by China’s central bank to weaken its currency.