{"id":1753292,"date":"2022-11-28T08:04:33","date_gmt":"2022-11-28T13:04:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1753292"},"modified":"2022-11-28T08:18:14","modified_gmt":"2022-11-28T13:18:14","slug":"dollar-slips-while-yuan-slumps-on-covid-unrest-in-china","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-slips-while-yuan-slumps-on-covid-unrest-in-china\/","title":{"rendered":"Dollar Slips, While Yuan Slumps on COVID Unrest in China"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdollar-slips-while-yuan-slumps-on-covid-unrest-in-china%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1753292&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>SINGAPORE\/LONDON\u2014The dollar weakened on Monday as investors weighed up the recent drop in U.S. government bond yields, while anti-regime protests in China sent the yuan to a two-week low.<\/p>\n<p>Protests have flared across China and spread to several cities in the wake of an apartment fire that killed 10 people in the city of Urumqi in the country\u2019s far west. Hundreds of demonstrators and police clashed in Shanghai on Sunday night.<\/p>\n<p>China\u2019s onshore yuan finished the domestic session around 0.5 percent lower at 7.199 per dollar, the lowest close since Nov. 10. The offshore yuan fell to a more than two-week low in Asian trading and was last down 0.1 percent at 7.201.<\/p>\n<p>The Australian dollar, often used as a proxy for the yuan, slid 0.7 percent to $0.671.<\/p>\n<p>Elsewhere in currency markets, the dollar was last down 0.99 percent to 137.77 yen. Earlier in the session it hit 137.57, its lowest level since Aug. 26.<\/p>\n<p>Stephen Gallo, European head of FX strategy at BMO Capital Markets, said a fall in U.S. bond yields was making the dollar less attractive.<\/p>\n<p>\u201cRisk-off conditions in <a href=\"https:\/\/www.theepochtimes.com\/t-global\">global<\/a> markets related to China\u2019s COVID situation appear to be showing up in lower long-term sovereign debt yields,\u201d he said.<\/p>\n<p>\u201cNet-long dollar\/yen remains one of the larger positions amongst FX leveraged funds, and these declines in appetite and longer-term yields may have spooked some investors.\u201d<\/p>\n<p>Meanwhile, the euro rose 0.41 percent to $1.0445, while sterling was up 0.17 percent at $1.21.<\/p>\n<p>China\u2019s stringent COVID-19 restrictions have taken a heavy toll on its economy.<\/p>\n<p>\u201cCompanies (in China) are currently facing weaker retail sales from a higher number of COVID cases and falling home prices from unfinished home projects,\u201d said Iris Pang, chief economist for Greater China at ING.<\/p>\n<p>On Friday, the People\u2019s Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for banks by 25 basis points (bps), effective from Dec. 5.<\/p>\n<p>The latest developments in China appeared unable to stem the U.S. dollar\u2019s decline, which has been softening over the past few weeks on hopes that the Federal Reserve would soon slow its pace of rate hikes\u2014a view that was supported by minutes of the Fed\u2019s November meeting released last week.<\/p>\n<p>The U.S. dollar index opened higher on Monday after closing on Friday at 106.05, but was last down 0.66 percent at 105.65.<\/p>\n<p>Fed Chair Jerome Powell is due to speak on the outlook for the U.S. economy and the labor market at a Brookings Institution event on Wednesday, which could provide more clues on the outlook for U.S. monetary policy.<\/p>\n<p><em>By Rae Wee and Harry Robertson<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-reuters\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/reuters-logo-.jpg\" alt=\"Reuters\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE\/LONDON\u2014The dollar weakened on Monday as investors weighed up the recent drop in U.S. government bond yields, while anti-regime protests in China sent the yuan to a two-week low.Protests have<\/p>\n","protected":false},"author":1,"featured_media":1695410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1753292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1753292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1753292"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1753292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695410"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1753292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1753292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1753292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}