Yuan's Fallout for Markets Means No Summer Lull for Traders
- Currency’s tumble drags down peers, sends commodities reeling
- Dollar-yuan ‘line in the sand may have shifted higher’: Mizuho
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The market turmoil spurred by the Chinese yuan’s tumble to a one-year low is putting traders on alert during the normally sleepy Northern hemisphere summer.
The onshore yuan was set for a weekly decline of 1.3 percent, extending a losing streak to six straight weeks. The plunge took most Asian currencies along for the ride amid broad dollar strength, with copper sliding below $6,000 a metric ton for the first time in a year on Thursday. While the yuan was supported on Friday amid speculation of intervention, the central bank’s seeming indifference earlier caught investors off guard.