The Chinese yuan was rather resilient today, surprisingly so considering that the news from China fueled concerns about slowdown of nation’s economic growth. Yet the currency did not move far from the opening level despite that.
It looks like attempts of the Chinese authorities to support China’s stock market were in vain as the Shanghai Stock Exchange Composite Index crashed more than 8 percent during the early European trading session (the biggest single-day slump since 2007), leading to the drop of European shares as well. Yet the yuan did not react to the very bad news. What is more, currencies of China’s trading partners (like the Australian dollar and the New Zealand dollar) performed fairly well too.
USD/CNY was barely changed at 6.2098 as of 9:37 GMT today, retreating from the intraday high of 6.2101.
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