Wall Street is obsessed with the yuan right now.
At 9:44 a.m. ET, the Chinese offshore currency hit an intraday low against the dollar. Merely two minutes later, the S&P 500 slumped to the low of the day of 2,824.45. Stocks quickly rebounded in the afternoon with the S&P 500 erasing a nearly 1% loss just when the yuan started to stabilize.The yuan came to the limelight after China weaponized the currency in the trade war with the U.S. to retaliate against President Donald Trump's tariffs.
But a look at the charts shows the yuan was dictating trading on Wednesday and has been the last three sessions. And it may be influencing the move in U.S. bond yields as well.
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