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Chinese Yuan, Hong Kong Dollar Eye on Central Banks' Defense At Key Levels
The offshore Chinese Yuan gained against the U.S. Dollar this week after nine consecutive losses, amid the PBOC’s further intervention to defend the Yuan. Overall, the Chinese currency rose against seven of the G10 currencies, except the CAD, JPY and NZD. The Hong Kong Dollar, used in one of China’s autonomous territories, touched the lower band of its pegged currency regime and triggered local monetary authority’s intervention. Looking forward, both currencies will continue to eye on policymakers for support, amid both internal and external pressure. PBOC Watches USD/CNH’s Key Levels of 6.9 & 7.0 ... (full story)