The offshore yuan weakened toward its lowest on record against the dollar, as a cut to the daily reference rate for the managed currency stoked bets China is comfortable with a gradual depreciation.
China’s currency declined to about 7.36 per dollar in overseas trading, beyond the psychologically important level of 7.35 and close to the weakest since the creation of the offshore yuan market in 2010. The move came after the People’s Bank of China set its so-called fixing at a two-month low on Friday.
“The weaker fixing shows the PBOC is willing to accept a higher dollar-yuan rate as long as it is not an isolated case,” said Kiyong Seong, lead Asia macro strategist at Societe Generale SA. “The yuan’s future path largely depends on the general dollar movement which is hard to say at this juncture. But recent developments appear to support our year-end forecast of 7.60.”China’s financial markets are looking gloomier by the day as investors lose patience with underwhelming economic data.
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