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.
