Chinese onshore yuan sees weakest daily close against the dollar in two years USD/CNY closes the domestic session at 6.6854, its highest since 27 August 2020

It isn’t very much talked about in the context of broader markets this week but the latest weakening in the Chinese yuan is arguably one of the more significant developments in FX at the moment. The PBOC already teed up the move at the end of last week and whatever the case may be, it is a notable tailwind for the dollar to move higher.

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