The offshore yuan pulled back from an all-time low on Tuesday after Beijing appe...
TOKYO - The offshore yuan pulled back from an all-time low on Tuesday after Beijing appeared to take steps to prevent the currency from weakening further, following a sharp drop that prompted the U.S. government to declare China was manipulating its currency.
On Monday, China let the onshore yuan break through the key 7 per dollar level for the first time since the global financial crisis, sending global financial markets into a tailspin, and investors are closely watching to see how much more Beijing will allow it to fall. However, the dollar remained down against the euro, while U.S. stock futures fell on worries the trade conflict with China would hurt U.S. economic growth and corporate profits.
“The recovery in yuan and the move in the yen is triggered by the fixing, which has eased some concern about competitive currency devaluation,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.
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