USD/CNH stays firmer past 6.9200 at two-year high on downbeat China concerns – by anilpanchal7 USDCNY RiskAppetite Fed PBOC Recession
, the offshore Chinese yuan pair’s latest run-up could be linked to the market’s risk-off mood, as well as concerns surrounding Beijing.
It’s worth noting that Financial Times raised concerns over the mounting pressure on Chinese banks to also add to the market’s fears. “Chinese residential property owners are rushing to pay off their mortgages early, heaping pressure on commercial banks that were already struggling to identify attractive lending opportunities,” said the news.
On Monday, Dallas Fed Manufacturing Business Index improved to -12.9 versus -20.2 expected and -22.6 prior. It should be noted that Minneapolis President Neel Kashkari stated that people now understand how serious we are about getting inflation back to 2%.
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