Skip to content
Subscriber Only

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
Bloomberg business news
Yuan Hits One-Year Low Against Dollar as PBOC Weakens Fixing
Updated on

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.