Yuan Could Face Longest Losing Streak In Nine Weeks – 10 August, 2018

Since mid June, the Chinese yuan has weakened by 6.3 percent against the dollar, but the currency finally eased after almost nine weeks of losses as the dollar climbed. On Friday, the People’s Bank of China lowered the midpoint to 6.8395 per dollar which was 78 pips weaker. The onshore yuan fell 0.3 percent and opened at 6.8355 per dollar, and could face its longest streak of weekly losses since 1994 if it closes at the midday rate of 6.8377. The onshore yuan was trading 0.11 percent weaker at 6.845 per dollar.