Yuan Faces Mounting Pressure as Green Shoots Fail to Lift Mood [BNN Bloomberg (Canada)]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: BNN Bloomberg
China's currency slid to a four-month low against the dollar in onshore trading Tuesday and came within a few pips of the lower end of the trading range permitted by the central bank. In the more freely traded offshore market, the yuan has been hovering at a weaker level than the onshore daily limit for eight consecutive sessions. Signs of stress are also growing in the options market. The persistent pressure on the currency indicates that traders expect Beijing to lean on a weaker yuan to help revive growth in the absence of massive stimulus. The phenomenon also mirrors the broader Asian trend, where regional currencies have buckled under the weight of a stronger dollar as the Federal Reserve signals it's in no rush to ease policy. The central bank is sticking to the currency stability playbook, said Christopher Wong, strategist at Oversea-Chinese Banking Corp. But “with most Asian currencies depreciating, I won't rule out the scenario that policymakers are taking the opportunit
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