The downward pressure on the yuan has grown as hostility flared over Beijing’s decision to impose a new security law on Hong Kong. Photo: AP
The downward pressure on the yuan has grown as hostility flared over Beijing’s decision to impose a new security law on Hong Kong. Photo: AP

China steps in to defend the yuan, as US tensions and Hong Kong uncertainty send currency tumbling

  • The onshore central parity – the midpoint of the yuan’s permitted daily trading range – was set at 7.1316 against the US dollar on Friday morning
  • Facing downward pressures from Hong Kong’s loss of autonomy in the eyes of the US and geopolitical turmoil, China has signalled it will defend the currency

The downward pressure on the yuan has grown as hostility flared over Beijing’s decision to impose a new security law on Hong Kong. Photo: AP
The downward pressure on the yuan has grown as hostility flared over Beijing’s decision to impose a new security law on Hong Kong. Photo: AP
READ FULL ARTICLE