The Chinese yuan just fell to a 6-year low against the US dollar
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The Chinese yuan is reeling upon the resumption of trade following Golden Week holidays.
The USD/CNY, onshore traded yuan, hit a session high of 6.7040 just moments ago, marking the weakest level for the yuan against the US dollar since September.
USD/CNY Daily Chart. Source: Thomson Reuters
Earlier in the session the People’s Bank of China set the USD/CNY midpoint at 6.7008, up from the close of September 3 of 6.6745.
The move in onshore traded yuan today mirrors that seen last week in offshore traded yuan, or USD/CNH, as the US dollar strengthened as speculation over a December rate hike from the US Federal Reserve rose.
USD/CNH is currently trading at 6.7106.
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