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The yuan hits a 14-year low and sends USD/CNH above 7.2000
Another day, another big level gives way for global markets. And that has seen the yuan weaken to 7.2 against the US dollar, a level not seen since 2008.
USD/CNH closed above 7.000 for first time in 26-months
Despite attempts to stabilise the yuan, USD/CNH has reached 7.000 as policies between the Fed and PBOC continue to widen.
Is USD/CNH set for a multi-month rally?
If current (and expected) yield differentials are anything to go by, the yuan looks quite overvalued. Especially in the context of ongoing growth concerns and geopolitical risks.
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