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Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise
Published on: 2022-04-21
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The yuan slipped to its most vulnerable level in a half year, compelled by concern surrounding China’s growth viewpoint and a surge in U.S. Treasury yields. China’s offshore cash debilitated by as much as 0.7% to 6.4230 per dollar in New York exchanging, its most reduced since October 2021. The decay comes as a developing number of brokers dread the world’s second-biggest economy is becoming snarled in lockdowns – – igniting fresh chaos to worldwide supply chains. The yuan was likewise forced by an ascent in U.S. yields and the greenback on chances of even more aggressive Federal Reserve tightening.
 

On Monday, China’s central bank unveiled nearly two dozen measures and promises intended to boost lending and support industries that have been beaten down by recent Covid disruptions, including a pledge to guide banks to expand loan extensions.
 

The offshore yuan pared some of Tuesday’s losses to trade 0.1% higher on Wednesday at 6.4150 per dollar.
 

Although first-quarter GDP data showed a pick-up in growth, a deceleration in production and retail data in March has economists further worried about China’s growth outlook. Last week, the PBOC cut its benchmark reserve requirement ratio, and all eyes are now on whether it will reduce the Loan Prime Rate Wednesday. Yields on the 10-year Chinese government bond yield have stayed relatively flat this year, while most other global government yields barrel higher.
 

离岸人民币兑美元跌至6.4142,为六个月来最弱

进入3月,人民币兑美元汇率的强势支撑终于出现“松动”,并开始一路在波动中释放贬值压力。4月20日,在岸人民币兑美元汇率跌破6.4关口,创2021年10月以来新低。
 

市场对于人民币兑美元汇率的贬值警觉像喊了许久的“狼来了”,虽然进入3月终于“来了”,但对人民币汇率“超长待机”保持韧性仍普遍认为是超出预期。多位受访的分析人士认为,前期人民币汇率之所以能保持坚挺,主要得益于我国出口强劲带动贸易顺差规模较大,境内外汇存款突破1万亿美元,为人民币汇率提供坚实支撑。
 

不过,随着今年我国出口增速大概率放缓,美联储加快加息和缩表步伐,并由此可能引发跨境资本从新兴市场经济体快速流出,预计今年人民币汇率仍会进一步释放贬值压力;但鉴于上一轮人民币汇率低点在7.1左右,目前人民币汇率仍有较为充裕的缓冲空间,汇率弹性将进一步增强,发挥汇率调节宏观经济和国际收支自动稳定器的功能。

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