{"id":8707,"date":"2023-05-14T23:36:10","date_gmt":"2023-05-15T03:36:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/chinese-yuan-nears-7-level-as-post-covid-economic-rebound-cools\/"},"modified":"2023-05-14T23:36:10","modified_gmt":"2023-05-15T03:36:10","slug":"chinese-yuan-nears-7-level-as-post-covid-economic-rebound-cools","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8707","title":{"rendered":"Chinese yuan nears 7 level as post-COVID economic rebound cools"},"content":{"rendered":"
\n

Investing.com– The Chinese yuan traded at an over two-month low against the dollar on Monday, and was once again within spitting distance of the key 7 level against the greenback following a string of weak economic data in recent weeks.\u00a0<\/p>\n

The fell 0.1% to 6.9620 to the dollar after falling consistently for the past seven sessions. The , which better reflects global market sentiment towards the currency, traded at 6.9713 to the dollar.<\/p>\n

The currency\u2019s latest rout was triggered by government data that showed Chinese unexpectedly shrank in April.\u00a0<\/p>\n

Following that, separate readings showed that Chinese barely grew in April, showing that consumer spending also remained depressed despite measures from the government to boost consumption.\u00a0<\/p>\n

The readings showed that despite a bounce in over the first quarter, the Chinese economy was likely cooling amid lingering effects from the COVID-19 pandemic.\u00a0<\/p>\n

Rampant disinflation, particularly in the , has also spurred speculation that the People\u2019s Bank of China will be forced into eventually cutting interest rates further into record-low territory this year, as it struggles to push up liquidity.<\/p>\n

But the bank kept its medium-term rates unchanged on Monday, and is expected to do the same with its benchmark later in May.<\/p>\n

The prospect of more rate cuts bode poorly for the yuan, given that the Chinese currency is already under pressure from rising interest rates in the rest of the world. A rebound in the also pressured the yuan, as markets bet that the Federal Reserve will keep interest rates higher for longer.<\/p>\n

The currency had last breached the 7 level in September 2022, following a surprise rate cut by the PBOC, and was only pulled away the level by optimism over a Chinese reopening. But that optimism is now running dry, leaving the yuan vulnerable to more selling.<\/p>\n

Focus this week is on a string of Chinese economic readings- , and – for more cues on the country as growth struggles in the wake of the COVID-19 pandemic.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– The Chinese yuan traded at an over two-month low against the dollar on Monday, and was once again within spitting distance of the key 7 level against the greenback following a string of weak economic data in recent weeks.\u00a0 The fell 0.1% to 6.9620 to the dollar after falling consistently for the past seven […]<\/p>\n","protected":false},"author":1,"featured_media":2087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-8707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nChinese yuan nears 7 level as post-COVID economic rebound cools | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- The Chinese yuan traded at an over two-month low against the dollar on Monday, and was once again within spitting distance of the key 7\" \/>\n<meta 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