Turkey's currency problem puts yuan back in play

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Turkey's currency problem puts yuan back in play

Source：foodmate

Publish time：2018-08-15

Less than a week ago it seemed that the People’s Bank of China had scored a win in slowing the yuan’s drop.

Less than a week ago it seemed that the People’s Bank of China had scored a win in slowing the yuan’s drop. Central bank officials voiced support for their currency. For a while now, Turkey’s problems with its lira have emerging-market currencies on edge and may have put the yuan back on the path to 7 per dollar.

All of that seemed to suggest the end to a record weekly losing streak was in sight. Then on Friday afternoon the yuan’s retreat started all over again as tensions between the US and Turkey sent the lira and other emerging-market currencies tumbling.

On Monday, the Peoples Bank set the yuan’s fixing at the lowest in more than a year, an acknowledgement that it’s pretty difficult to resist when everything else is falling against the greenback. China’s yuan was down 0.51 percent at 6.88 a dollar as of 04:00 pm in Shanghai.

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