Chinese Yuan Hits Six Year Low Against the Dollar

The Chinese yuan plunged to a fresh six-year low against the dollar on Thursday, tracking a broad rally in the greenback after Donald Trump won the U.S. presidential election.

The yuan fell to 6.7918 against the dollar, down from 6.7769 on Wednesday. Thursday’s slide put the Chinese currency at its lowest level since August 2010.

The dollar, which initially wobbled on Wednesday in Asian hours on investor worries about a Trump win, rose sharply after U.S. Treasury yields climbed Wednesday night on expectations the new administration in Washington would provide more fiscal stimulus to boost growth.

CNBC

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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