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.
Europe Higher After Stunning Post-Election U-Turn
USD/CAD – Canadian Dollar Takes Roller-Coaster Ride as Trump Takes White House
Can Trump Deliver on Election Promises?
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Former Craig
Latest posts by Former Craig (see all)
- Market Insights Podcast – US GDP, RBNZ holds, bitcoin soars - 28 February 2024
- Market Insights Podcast – Nvidia earnings, record highs for stocks - 23 February 2024
- EUR/USD – A bullish breakout or just further consolidation? - 22 February 2024