Chinese yuan lost a record growth to the dollar

in the morning of October 27, the National Currency of the Middle Kingdom valued to the American dollar to maximum values ​​over the past one and a half weeks. A few hours after the start of trading on the Asian exchanges, Yuan lost his position. The main reason for this was the introduction of additional quarantine restrictions in several large cities of China associated with Covid-19. This measure of the fight against the epidemic only increased pressure on the country’s economy.

The current situation on Forex market

at 10:35 DOOD DOOD DISCOUTT Yuanu by 0.62%, up to 7.2174. At the time of the opening of the auction, this currency couple was traded at the level of 7,1733 – the minimum mark from October 18. At the same time, the euro to the dollar is cheaper by 0.11%, up to 1.0065. A day earlier, EUR/USD was traded at 1.0077. The American currency falls to Yena – by 0.41%, up to 145.76. This monetary unit has completed the environment at the level of 146.35 yen. The DXY dollar index on this day grows by 0.09%, up to 109.79 points.

What is happening today with Yuan?

at the current trade week, Chinese yuan does not show a single dynamics. So, on Tuesday, he decreased to minimums since 2007, and on Wednesday rapidly increased. All because investors hastened to close their dollar transactions, which were sold to the Middle Kingdom. Before the opening of trading on the Asian exchanges, the People’s Bank of China indicated the Middle Couan of the Yuan to the dollar at 7,1570. Analysts argue that this fixing has completely agreed with the forecasts in the market.

is one of the reasons for the concern of exchange players today is a new statistics on the detected cases of infection Covid-19 In China. On Thursday, the figure was more than 1000, which gives reason to talk about the tightening of quarantine in the country again. Continuingly, supply and production chains will suffer.

Alexander Zorya, financial analyst LBLV

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