Wednesday, October 26, 2022

"China's Yuan Soars Most On Record After Beijing Orders Banks To Dump Dollars"

Although the yuan is not included in the US Dollar Index, the DXY catches a lot of the action from the Chinese selling the dollar.

From ZeroHedge:

Just hours after the offshore yuan hit a new record low amid chatter of wealthy Chinese capital exodus, and questions about whether the PBOC is 'allowing' the communist nation's currency to devalue, Beijing appeared to step in and spark the biggest rise in the currency on record...

After weeks of fixing the onshore yuan far stronger than the offshore yuan (to no effect), having barely adjusted the fix during the Party Congress, last night saw the fix slightly stronger (for the first time this week) and then offshore yuan leg dramatically higher, almost up to the fix...