USD/CNY slumps to 2-month lows on USD selling

Dhwani Mehta FXStreet

The Chinese Yuan jumped to fresh 2-month highs against its American counterpart on Thursday, knocking-off USD/CNY to 6.8687 lows, before recovering some ground to now trade around 6.8735, still down -0.24% on the day.

Traders cite that the main reason behind the rise in Yuan is on the back of major state-owned banks selling USD in onshore market.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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