USD\/CNH<\/strong><\/a> to almost 7.0000. The poor imports figure in particular raised concerns about how weak the Chinese economy has become as it faces troubles. These include the ongoing COVID-related lockdowns and a property sector which has collapsed under the weight of debt. When China sneezes, the world usually catches a cold- and that\u2019s precisely how the markets have reacted so far.<\/p>\nChina\u2019s exports and imports figures were well short of expectations, pointing to weakening domestic and foreign demand. Imports were up just 0.3% on the year in August, a sharp fall from the +2.3% annul reading recorded the month before. Exports were +7.1% y\/y again sharply lower compared to 18.0% recorded in July.<\/p>\n
USD\/CHN has been rising steadily as monetary policy divergence between the US and China continues to grow. Whereas the Fed is tightening its belt with aggressive rate increases, the PBOC was recently been forced to cut interest rates as data showed the economy was losing steam due to renewed Covid lockdowns and a deepening property downturn. But with the yuan weakening so significantly, the PBOC has tried to stem its decline by using other tools including stronger fixings for the yuan and this week it trimmed forex reserve ratio to 6% from 8% in a bid to support its currency.<\/p>\n
On a technical front, there\u2019s are no obvious signs of a reversal yet, so we may see the USD\/CNH continue its upward trajectory. The next bullish target is 7.00, where the psychologically-important handle will meet the 78.6% Fibonacci retracement level against the drop from the June2020 peak. That peak was made at 7.1965, which will be the subsequent<\/p>\n","protected":false},"excerpt":{"rendered":"
USD\/CNH – US Dollar Chinese Yuan Offshore News Another news from China which is not good. It is nation\u2019s trade disappointing figures expectation. The yuan fell further, USD\/CNH to almost 7.0000. The poor imports figure in particular raised concerns about how weak the Chinese economy has become as it faces troubles. These include the ongoing<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[265,279,187,24,35,162,263,201],"yoast_head":"\r\nUSD\/CNH - US Dollar Chinese Yuan Offshore News<\/title>\r\n<meta name=\"description\" content=\"USD\/CHN has been rising steadily as monetary policy divergence between the US and China continues to grow. 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