{"id":9696,"date":"2023-05-16T23:03:23","date_gmt":"2023-05-17T03:03:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/chinese-yuan-breaches-key-7-level-as-post-covid-rebound-stalls\/"},"modified":"2023-05-16T23:03:23","modified_gmt":"2023-05-17T03:03:23","slug":"chinese-yuan-breaches-key-7-level-as-post-covid-rebound-stalls","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9696","title":{"rendered":"Chinese yuan breaches key 7 level as post-COVID rebound stalls"},"content":{"rendered":"
\n

Investing.com– China\u2019s fell below the key 7 level on Wednesday, with the coming within spitting distance of the level as a string of weak economic readings cast doubts over a recovery in the country this year.<\/p>\n

The offshore yuan fell 0.1% to 7.0030 against the dollar, breaching the level for the first time this year. The dollar-yuan spot level slid 0.2% to 6.9895, and was at its weakest level since late-December.<\/p>\n

While the 7 level is largely arbitrary, China has acknowledged the psychological importance of the level by rolling out a slew of measures in recent years to prevent the currency from crossing the threshold. The breaching of the 7 level usually heralds more weakness for the Chinese currency.<\/p>\n

But the recent drop in the yuan comes after a string of weak economic readings from China, such as and this week- showed that an economic recovery in the country was slowing after an initial bounce in the first quarter.<\/p>\n

The People\u2019s Bank of China also fixed the daily dollar-yuan rate midpoint at a substantially weaker level on Wednesday from the prior session, sending a bearish signal to markets.\u00a0<\/p>\n

This, coupled with in the country, spurred renewed bets that the PBOC will further cut interest rates to spruce up local economic growth.<\/p>\n

China\u2019s benchmark is already at historical lows, following a string of cuts by the PBOC last year. This had also seen the yuan breach the 7 level in August 2022, with the currency sliding to 15-year lows in the aftermath. The offshore yuan had hit record lows in 2022 after crossing the 7 level.<\/p>\n

The yuan had then only recovered past the 7 level by late-December, as the relaxing of anti-COVID measures spurred optimism over a Chinese economic rebound this year.<\/p>\n

But with the recovery now appearing to have run out of steam, currency traders dumped the Chinese currency. The yuan also came under pressure from a rebound in the and Treasury yields, following a string of hawkish signals from Federal Reserve officials this week.\u00a0<\/p>\n<\/div>\n

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

Investing.com– China\u2019s fell below the key 7 level on Wednesday, with the coming within spitting distance of the level as a string of weak economic readings cast doubts over a recovery in the country this year. The offshore yuan fell 0.1% to 7.0030 against the dollar, breaching the level for the first time this year. […]<\/p>\n","protected":false},"author":1,"featured_media":1036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-9696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nChinese yuan breaches key 7 level as post-COVID rebound stalls | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- China\u2019s fell below the key 7 level on Wednesday, with the coming within spitting distance of the level as a string of weak economic\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=9696\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese 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