China's Yuan Poised for Longest Weekly Losing Streak Since 2015

Currency has tumbled as China-U.S. trade dispute escalated
Forward points drop to multi-year low on loose liquidity

James Cheo, Bank of Singapore senior investment strategist, discusses the outlook for China’s economy and the yuan.(Source: Bloomberg)

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By Tian Chen

July 27, 2018 at 3:23 AM UTC

Updated on

July 27, 2018 at 9:31 AM UTC

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China’s yuan is headed for a seventh weekly drop, the longest slide since after a shock devaluation in 2015, stoking bets the authorities will tolerate more weakness as long as there’s no sign of speculative short trades.

The onshore yuan has weakened 0.6 percent this week, taking its decline since early June to more than 6 percent. The currency traded at 6.8260 per dollar as of 5:12 p.m. Friday in Shanghai. The offshore yuan is also in line to drop for a seventh week, the first time that has happened in six years.