- The Chinese yuan has been smoked over the past four months, losing 8% in onshore and offshore trade.
- Its decline has had a meaningful and lasting impact on Asia currencies, including the Australian dollar.
- TD Securities says the yuan selloff is only just getting started.
The Chinese yuan has been smoked over the past four months, both in onshore and offshore markets.
The CNY, or onshore-traded yuan, has fallen 8% against the greenback since late March. The decline in offshore-traded yuan, or CNH, has been even greater, shedding 8.4% over the same period.
See the rest of the story at Business Insider
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See Also:
- ALBERT EDWARDS: Markets are 'bathing in complacency' and ignoring a massive threat 'lurking just beneath the surface'
- The Chinese yuan's sell-off is accelerating and there's no sign of Beijing stepping in
- Chinese economic growth slowed in the June quarter
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