Yuan getting fried. Lowest in a year as sentiment tanks on renewed Chinese lockdown fears

(Reuters) – China’s yuan completed home buying and selling on Monday at a one-year low towards the greenback, extending losses after posting its worst week since 2015, as a worsening financial progress outlook drove investor concern that the foreign money had extra room to fall.

Sentiment additionally took a knock on fears that strict lockdown measures will unfold to Beijing, after the capital metropolis required everybody dwelling or working in Chaoyang district to take three COVID-19 assessments this week and put greater than a dozen buildings underneath lockdown.

“The shortage of any intervention by the PBOC regardless of the elevated draw back volatility in CNY could sign that China might be shifting to a extra growth-orientated foreign money administration at a time when tight containment measures are posing important dangers to the nation’s financial outlook,” ING mentioned in a word

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