The Chinese yuan fell to its lowest level in 10 months Monday after the country allowed its currency to trade more freely, hitting levels that sparked rapidly accumulating losses for investors who made billions of dollars in leveraged bets that the currency would keep appreciating.
The currency fell 0.5% to 6.1781 per dollar Monday, one of its biggest slides in a decade and on the first day of trading where it is allowed to trade in a 2% range. Losses on the offshore yuan accelerated as it hit a 10-month low of 6.1688 against the U.S. dollar, with a higher number meaning a lower yuan. The People’s Bank of China, the country’s central bank, widened the trading band from 1% a day on Saturday.
Read Full Article HERE
Anjani Trivedi, Wall Street Journal via CHINA US Focus http://ift.tt/PIYd1Y
No comments:
Post a Comment