The Chinese yuan headed for a third weekly drop today, demonstrating the longest decline since July 2010, on the speculation that the slower economic growth will cause China to trim the currency’s gains to protect the nation’s exporters.
The government report showed that exports grew 15.9 percent in October, showing the slowest growth rate in almost two years. The data from HSBC Holdings Plc and Markit Economics signaled that the Chinese manufacturing may slow this month. The currency may further weaken as importers will require dollars at the end of the year.
USD/CNY advanced from 6.3635 to 6.38532 today as of 13:27 GMT.
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