The portrait of former Chinese leader Mao Zedong is displayed on a Chinese one-hundred yuan banknote in an arranged photograph taken in Hong Kong, China, on April 23, 2020.
The People’s Bank of China set the so-called fixing at 7.1192 per dollar, an increase of 33 ticks, the most in about two months. The move comes as the dollar inches closer to this year’s peak, with traders betting on higher-for-longer interest rates in the US. “The creep higher in the fixing continues, as it approaches the next psychological big figure level of 7.12,” said Khoon Goh, head of Asia research at ANZ Group Holdings Ltd. A higher fixing level versus the US currency allows for a weaker yuan.
The weakness in China’s currency is symptomatic of deteriorating sentiment toward the world’s second-largest economy, which is also experiencing a bond market rally as investors seek out haven assets. Yields have tumbled to or toward record lows amid mixed economic data and expectations of further stimulus.
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