Yuan slips from one-month high as corporates snap up broadly weaker US dollar

From brecorder.com

China’s yuan slipped on Tuesday from a near one-month high hit a day earlier, as Chinese companies took advantage of broad weakness in the greenback to load up on dollars. The US dollar languished near a multi-week low as fears of a broader systemic crisis following the collapse of a US tech-focused lender left traders speculating that the Fed could pause its aggressive rate-hiking cycle. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.8949 per dollar, 426 pips or 0.62% firmer than the previous fix 6.9375, and the strongest for the yuan since March 2. In the spot market, the ... (full story)