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Chinese Yuan and Taiwan Dollar Fall as US Dollar Strengthens Ahead of Jackson Hole

The Chinese yuan and the Taiwanese dollar fell on Friday, while broader Asian currencies also declined as the dollar strengthened...

Chinese Yuan and Taiwan Dollar Fall as US Dollar Strengthens Ahead of Jackson Hole
Yazar: Charles Porter

Yayınlanma: 26 Ağustos 2022 13:52

Güncellenme: 15 Kasım 2024 04:34

Chinese Yuan and Taiwan Dollar Fall as US Dollar Strengthens Ahead of Jackson Hole

The Chinese yuan and the Taiwanese dollar fell on Friday, while broader Asian currencies also declined as the dollar strengthened ahead of more hints on US monetary policy from the Jackson Hole Symposium.

The Chinese yuan fell 0.1% to 6.8549, while the Taiwan dollar lost 0.2%. According to Reuters, concerns about further deterioration in relations between the two countries grew after a US lawmaker on the Senate Commerce and Armed Services committees landed in Taipei on Thursday. The move is the third visit by a US dignitary to the island this month and is likely to draw a reaction from Beijing. Taiwan earlier this month launched military exercises near the island following a visit by US House Speaker Nancy Pelosi. The move briefly rattled financial markets. On the economic front, traders were expecting more stimulus measures from China after the government cut interest rates and announced more infrastructure spending this week. This pushed the yuan to its lowest level in two years. China is facing a severe slowdown in growth due to COVID lockdowns, a struggling real estate market and a potential electricity shortage. https://twitter.com/business/status/1562203788869480449 The dollar index rose slightly while broad Asian currencies fell and remained near their highest level in nearly 20 years. The dollar was also supported by strong US economic data that gave the US Federal Reserve more room to aggressively raise interest rates. Dollar index futures were flat on Friday. Markets now await Fed Chairman Jerome Powell's speech today at the Jackson Hole Symposium in Wyoming, looking to gauge how hawkish the central bank intends to be. In the Asia-Pacific region, the New Zealand dollar lost around 0.5% and was the worst performing currency among its peers after Reserve Bank Governor Adrian Orr indicated that the bank's latest tightening cycle may have ended. The Reserve Bank of New Zealand has aggressively raised interest rates since late 2021 to curb rising inflation. The Japanese yen fell 0.2% on Friday after data showed inflation in Tokyo, its largest city, rose at its fastest pace in 30 years in August. Rising inflation, combined with the Bank of Japan's reluctance to tighten policy, has severely undervalued the yen this year.   Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!  
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