News Snapshot:
Beijing’s preoccupation with domestic issues has fuelled speculation of further yuan weakness and volatility, with economic disruption continuing amid China’s zero-Covid strategy and a looming rate increase by the US Federal Reserve next month. The Chinese currency had already reported a significant weakening this week, with its official midpoint set 0.8 per cent lower at 6.4596 per US dollar on Friday, which was already the lowest since October. It has depreciated by more than 1 per cent this week and by nearly 2 per cent this month, with policymakers concerned with stabilising prices and employment. “The greater elasticity of the...
