Commodity News
HeadLine : Dollar holds gains, yuan under pressure as Evergrande risks grow
Date : Sep 21 2021
The offshore yuan wallowed near an almost one-month low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default. The New Zealand dollar also sank after the central bank's assistant governor poured cold water on bets for a 50 basis point rate hike next month. The yuan stood at 6.4805 per dollar after weakening as far as 6.4879 on Monday for the first time since Aug. 23. Mainland markets are shut for holidays until Wednesday. The U.S. currency had already been rising on expectations the Federal Reserve will signal a start to stimulus tapering at a two-day policy meeting that ends Wednesday. The greenback was mostly flat at $1.17245 per euro after gaining to $1.1700 overnight, also a first since Aug. 23. The yen eased back about 0.2% to 128.50 to the single currency, but still close to its high of 128.155 from Monday, a level not seen since Aug. 20. The dollar rose 0.18% to 109.58 yen, trimming some of its overnight losses, but with the pair still meandering near the middle of the trading range of the past 2-1/2 months. The dollar index, which measures the currency against six major peers, was little changed at 93.2241 after rising overnight to 93.455 for the first time since Aug. 23.

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