Friday, 1 May 2020

RENMINBI IS FALLING DOWN, FALLING DOWN, FALLING DOWN...AND ALL THE EMPEROR'S HORSES, AND ALL THE EMPEROR'S MEN, COULDN'T PUT THE RENMINBI....TOGETHER AGAIN!



Markets in mainland China, Hong Kong and South Korea were closed for public holidays, but in foreign exchange markets, China’s renminbi weakened to its lowest level since early April against the US dollar. The offshore-traded renminbi slipped 0.7 per cent at one point to Rmb7.13 per dollar, its sharpest move since March. The Chinese currency “is about to get caught in a fresh US-China imbroglio”, wrote Alan Ruskin, an analyst at Deutsche Bank, in a recent note. “We have reached a particularly sensitive impasse as it relates to the virus narrative, and it is certainly not in China’s interests to encourage currency weakness,” he added.

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