Yuan, Aussie on back foot as China markets stumble on virus scare
TOKYO - China’s yuan and its proxy, the Australian dollar, were poised for vulnerable day of trade on Monday in favour of safe-harbour currencies, in reaction to authorities’ drastic steps worldwide to curb the spread of a new virus which originated in China.Immediate focus was on how China’s financial markets would fare when they reopen later in the day, after a Lunar New Year break that was extended to help stop a coronavirus which has killed as many as 350 people in China’s Hubei province.
Ahead of the start of onshore trade, the offshore yuan firmed 0.1% to 6.9889 yuan per dollar, hovering near Friday’s one-month low of 7.0070 yuan. “Given the current fragile sentiment, I would not be surprised to see the Australian dollar slipping below its previous 10-year low,” said senior strategist Yukio Ishizuki at Daiwa Securities.
Still, uncertainty created by the epidemic is keeping investors cautious, helping support safe-harbour currencies.The Swiss franc changed hands at 0.96335 franc per dollar, near its 15-month high of 0.96135 set last month.
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