- The Chinese yuan surged 1% against the dollar on Wednesday, continuing a recovery that began the previous afternoon.
- The PBOC is "closely monitoring" recent fluctuations in the currency market, declared central bank chief Yi Gang, and will use its "ample" monetary tools to keep the yuan "basically stable."
- The currency and Chinese stocks have been under pressure ahead of July 6, when U.S. tariffs on $34B worth of Chinese goods are set to kick in. Beijing has vowed to retaliate against the measures.
- Shanghai Composite -1% to 2,759.
- Previously: Fears of U.S.-China currency war (Jul. 01 2018)
- ETFs: FXI, KWEB, ASHR, YINN, CAF, EWH, CQQQ, YANG, MCHI, GXC, CYB, FXP-OLD, PGJ, CN, KBA, TAO, CHIQ, HAO-OLD, CHIX, TDF, QQQC, CNY, PEK, CHN, CWEB, CXSE, CHAU, XPP, CNXT, ASHS, AFTY, CHAD, FCA, YAO, YXI, GCH, FXCH, ECNS, CHIM, CHII, CHIE, KFYP, EWHS, JFC, FCHI, OBOR, ASHX, CNYA, FHK, HAHA, XINA, CNHX, KGRN, FLCH, FLHK, WCHN
- Now read: Renminbi Devaluation Risk In Focus (Video)
Original article