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Yuan's midpoint eases to near 6-year low


07-18-2016 11:24 BJT

The Chinese currency’s midpoint eased by 156 basis points to stand at 6.6961 Monday, according to People’s Bank of China. It represents the lowest level in nearly six years.

Analysts believe the weakness is attributable to the turmoil in the global financial markets, triggered by the Brexit, the truck attack in Nice, France, and the political instability in Turkey. These events have led to strengthening of safe haven assets, including the U.S. dollar and the yen.

The Greenback is also supported by solid economic data. Analysts expect the government to loosen monetary policy and adopt expansive fiscal policy if the GDP growth slows down.

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