USD/CNY daily chart
The onshore yuan is sinking to its lowest since mid-August against the dollar now, with USD/CNY on the verge of hitting 7.17 on the day. It comes amid a surging dollar but also some bad news for China with Trump set to win the presidency.
More tariffs and trade conflict will mean added concerns for China’s slowing economy. And markets will want to see much, much more from Beijing especially after they floated a adding to more fiscal stimulus if Trump was to win as seen here.
At the time, the details were already pretty underwhelming so Chinese officials will really have to punch it up a dial to regain investors’ confidence now.