News Snapshot:
A bad April for the yuan has turned into a worse May, with its failure to rebound amid broad dollar weakness a warning sign that bearish sentiment risks snowballing. The yuan has fallen against almost all major currencies this month and is once again approaching the limit of its fixed trading band against the greenback. Fueling the decline are bets investors will keep dumping Chinese assets in favor of higher returns elsewhere and concerns the local economy will remain fragile. The weakness is alarming even for a currency used to being under attack, as it’s potentially the first month this...
