Yuan Drags Asian Currencies as China's Spending Plans Disappoint [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Most Read from Bloomberg The onshore yuan dropped as much as 0.9% against the greenback on Tuesday, its worst performance since June 2023, knocking sentiment for currencies including the Australian dollar and the South Korean won. The decline in the onshore yuan was in part a catch-up trade after the Golden Week holiday in mainland China; the offshore yuan lost more than 1% of its value during the break. The widespread currency declines show how shifting bets on the world's two largest economies are weighing on the global foreign-exchange market. Traders pared their expectations of US interest-rate cuts last week, following a strong jobs report. Now, a disappointing briefing by China's top economic planning body has undermined hopes of big fiscal stimulus — and had a knock-on impact on a range of asset prices. “Hopes were raised but the delivery was disappointing,” said Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp. “The lack of follow-through is a set
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