Chinese Yuan (CNH) Sell-Off Adds to Market Turmoil, EUR/GBP Tests Key Pivot

There are several factors at play here for the Chinese Yuan. Firstly, China continues to operate with a zero-covid policy, which could see Beijing come under Shanghai style lockdown measures amid reports of positive cases in suburban districts. Additionally, the move in global bond yields, in response to central bank tightening, particularly in the US has seen the 10yr benchmark eclipse the Chinese 10yr for the first time in over a decade, raising China outflow risks.

Reminder, tomorrow is Tuesday and given the pullback in equities since Thursday. Don’t be surprised of another Turnaround Tuesday.

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