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Friday 17 January 2020
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China’s Yuan Is Set for Longest Weekly Losing Streak on Record

Forex6 hours ago (Aug 02, 2018 10:20PM ET)

© Reuters. China’s Yuan Is Set for Longest Weekly Losing Streak on Record

(Bloomberg) — China’s currency headed for an eighth weekly decline, the longest run since the start of the country’s modern foreign-exchange rate regime in 1994.

The yuan was down 0.46 percent at 6.8694 per dollar at 9:53 a.m., heading for a weekly loss of 0.81 percent. The Shanghai Composite Index was little changed, in line for a 3.8 percent loss this week. Chinese equities are some of the worst performing in the world this year. The country’s markets have been rocked by the threat of a trade war with the U.S., which escalated Thursday as the Trump administration warned of more pain unless Beijing changes its economic system. China has said it will retaliate to further U.S. action.

Equity markets in Hong Kong and mainland China were relatively subdued early Friday, though few stocks have escaped the carnage of recent months. Hang Seng heavyweight Tencent Holdings Ltd. has had a torrid run that’s seen it decline 19 percent in less than two months. The Chinese Internet giant, which Morgan Stanley (NYSE:MS) removed from its “focus list” on Thursday, rose 1.4 percent Friday, its first gain in seven sessions.

The Hang Seng Index was little changed Friday morning and in line for a weekly loss of 3.8 percent. The Hang Seng China Enterprises Index fell 0.3 percent, extending its decline this week to 3.2 percent. The yield on 10-year Chinese sovereign debt was steady at 3.48 percent.

China’s Yuan Is Set for Longest Weekly Losing Streak on Record

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