The Chinese yuan experienced significant depreciation against the U.S. dollar, reaching its weakest level since November. The offshore yuan weakened by over 200 pips to 7.24, while the onshore yuan also saw a decline of 200 pips. This movement breached a closely watched technical level, marking the yuan's fall to its weakest point in four months. The yuan further slipped to 7.25, edging closer to previous lows of 7.336. Reports indicate that China's major state-owned banks were seen selling dollars for yuan in the onshore FX market in an attempt to slow the yuan's decline. Additionally, the USDCNH currency pair saw its biggest move since August 2023, with a +0.61% change, while the USD/CNY pair increased by 0.36%. This comes amid a backdrop of competitive devaluations in the region, with the Swiss National Bank cutting rates to weaken their currency, and concerns over the yen's weakness. Speculations arise on whether China is preparing for a yuan devaluation, as the People's Bank of China (PBOC) pushed the renminbi below a key support level.
Onshore Yuan (CNY USD) Falls to Four-Month Low After Key Level Breached https://t.co/Nl8wBSeCvy China has always managed its currency. They don't know what they are doing -- after all, they are Communists, and don't know how capitalist markets behave.
BREAKING 🚨: Chinese Yuan China's currency plummeted against the U.S. Dollar to its lowest level since November. But BRICS though... https://t.co/Kwp7jNtRcs
With the caveat that I know zilch about currencies, is this move in CNY something we should care about? tyia. @PipCzar https://t.co/74FGGiiqyC
Is China Prepping For Yuan Devaluation: Renminbi Tumbles After PBOC Pushes It Below Key Support Level - ZeroHedge
Initial thoughts on the USDCNH depreciation overnight are now posted on the blog in my bio... https://t.co/8gIK742YK8
Is China Prepping For Yuan Devaluation: Renminbi Tumbles After PBOC Pushes It Below Key Support Level https://t.co/9MdwGHLTfs
The reason SNB cut rates was because of a weak euro! That means, competitive devaluations have arrived. A danger, and something to watch. https://t.co/khfgECSABE
Musings of the Day, 3/22/24: This was the single largest daily move in USDCNH since I got involved late March, 2023. Despite my concerns about an inexplicably Dovish Fed amidst blatant signs of Inflation resurgence, I think the PBOC will still Out-Dove the Fed the most. 👀👀 https://t.co/GgH9Iv5oD4
Last year, China had a period of extreme policy dysfunction in September and October, when RMB (blue) was consistently at the top (weak) end of the 2% band around the fix, encouraging devaluation expectations. We're back to that now. China is signaling rising risk of devaluation. https://t.co/oAyvxeY8Gb
If China is really preparing for yuan deval, hold on to your crypto hats
China yuan slides to four-month low, state banks step in - Reuters https://t.co/oUxoXkvVz5
Morning Bid: Dollar surges after central bank barrage, Apple bruised https://t.co/moKLIt6MWy https://t.co/Fv8OHgPCp1
⚠️ MORNING BID: DOLLAR SURGES AFTER CENTRAL BANK BARRAGE, APPLE BRUISED Full Story → https://t.co/zCoC4SQzgG A look at the day ahead in U.S. and global markets from Mike Dolan. https://t.co/nbr5t5GP2s
USD/CNH yuan substantially weakening overnight https://t.co/CbXYDg3Ple
China yuan falls to four-month low, state banks step in - Reuters https://t.co/BJ9mMp9rQa
Signs are emerging that Chinese authorities are ready to loosen the vise-like grip on the yuan that has mostly held the currency steady since November. The onshore yuan slipped beyond the 7.20 per dollar line Friday, weighing on China-linked assets. https://t.co/FDKfObIoiZ
Morning Bid: Yen and yuan feel the pain https://t.co/d3XDQVBQB0 https://t.co/UbKV5AgNyE
USDCNY, did we see a watershed moment? https://t.co/LXs5DRF5xj
USDCNH +0.61% biggest move since August 2023. The USD/CNY currency pair has increased by 0.36%. This comes after the 30-day volatility fell to 1.06%, the lowest level since 2015 One of the most significant developments in foreign exchange markets this week may have taken place https://t.co/zIgBDA0uOv
$CNY just hit 7.25, closer to previous 7.336 lows… https://t.co/mRNixKNhCl
Tidy little China deval to brighten up the evening. Response to weaknJPY? Dollar strength in Asia is something to watch. Swiss cut rates to weaken their currency too. Competitive devaluation is beginning.
🍿POPCORN ALERT🍿 BREAKING: Reports That #China's Major State-Owned Banks Seen Selling Dollars For Yuan In Onshore FX Market To Slow $CNY Declines Something is up….. https://t.co/yBfEfNDABz https://t.co/6ROIPjcUiO
Reports That China's Major State-Owned Banks Seen Selling Dollars For Yuan In Onshore FX Market To Slow Yuan Declines
I admit this $CNY sharp tumble wasn’t in my Friday bingo card 😅 Is #china devaluating to help #japan? I hardly think so Does someone know something about anything that is going to happen soon in the weekend and going to impact $CNY? higher chance… https://t.co/StKBYCxqhg https://t.co/vxXze6OqOs
The onshore yuan fell to its weakest in four months, breaching a closely watched technical level https://t.co/vANVNArg2s
Offshore #Yuan tumbled over 250 pips against dollar to break through 7.24/dollar mark.
⚡China's offshore yuan weakened by over 200 pips to 7.24, to the weakest level since November. The onshore yuan is also dropped by 200 pips. #China $USDCNH $USDCNY https://t.co/ns52802g3J