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Chinese Yuan Hits Six Year Low Against the Dollar

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The Chinese yuan plunged to a fresh six-year low against the dollar on Thursday, tracking a broad rally in the greenback after Donald Trump won the U.S. presidential election.

The yuan fell to 6.7918 against the dollar, down from 6.7769 on Wednesday. Thursday’s slide put the Chinese currency at its lowest level since August 2010.

The dollar, which initially wobbled on Wednesday in Asian hours on investor worries about a Trump win, rose sharply after U.S. Treasury yields climbed Wednesday night on expectations the new administration in Washington would provide more fiscal stimulus to boost growth.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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