Ideas Markets Events Research
Close
search
Ideas
Markets
Events
Research
Nothing found
Select a section for which the search will be carried out
24 October 2022 | Other

Yuan falls despite attempts of the Chinese authorities to support the national currency

USDCNY

Despite large state-owned banks’ attempts to stabilize the market, the Chinese yuan has hit record lows against the dollar.

Sources tell Reuters that state-owned banks were selling dollars on the domestic foreign exchange market to avoid the spot price weakening below 7.25 per dollar level.

Despite attempts by banks to avoid weakening the spot price, the yuan finished its domestic trading session at a low.

According to traders, the yuan's weakness could persist, reflecting the dollar's strength. PRC’s current currency remains weak as Federal Reserve officials show no signs of abandoning their hawkish rhetoric about raising rates as Chinese politicians try to support a weakening economy.



Company MarketCheese

Recommended

United States. CFTC Copper speculative net positions. The value of the indicator has increased from 62.8K to 76.3K
Yesterday at 7:30 PM
United States. CFTC Aluminium speculative net positions. The value of the indicator has decreased from 0.4K to 0.3K
Yesterday at 7:30 PM
United States. CFTC Crude Oil speculative net positions. The value of the indicator has decreased from 178.8K to 169.9K
Yesterday at 7:30 PM
Australia. CFTC AUD speculative net positions. The value of the indicator has increased from 78.7K to 85K
Yesterday at 7:30 PM
United States. CFTC S&P 500 speculative net positions. The value of the indicator has decreased from -103.9K to -143.8K
Yesterday at 7:30 PM
Top news
United States. Retail Sales (MoM). The value of the indicator has decreased from 1.6% to 0.5%
14 May
European Union. GDP (QoQ). The value of the indicator remained at the same level of 0.1%
13 May
United States. CPI (YoY). The value of the indicator has increased from 3.3% to 3.8%
12 May
United States. Nonfarm Payrolls. The value of the indicator has decreased from 185K to 115K
8 May
United States. Unemployment Rate. The value of the indicator remained at the same level of 4.3%
8 May
All news

Forecasts

GBPUSD sell
Period: 15.07.2026 Expectation: 3500 pips
Sell GBPUSD with 1.30000 in view
Indicators and reports FA Other Hot news Indicators
Yesterday at 10:24 AM 37
Sinclair_John
Gold sell
Period: 31.05.2026 Expectation: 6000 pips
Gold sell-off targets $4,640
TA Other FA Other
Yesterday at 09:51 AM 34
Bruce_Powers
USDCAD sell
Period: 22.05.2026 Expectation: 620 pips
USDCAD challenges key resistance as bulls lose their grip
Technical analysis FA Other Chart analysis Indicators Fundamental analysis
Yesterday at 09:29 AM 21
Lyra_Moonwell1
Brent buy
Period: 29.05.2026 Expectation: 180 pips
Purchasing Brent crude amid global energy deficit
Indicators and reports FA Other Chart analysis Hot news
Yesterday at 08:40 AM 37
Reed_Marcus
AUDCAD sell
Period: 22.05.2026 Expectation: 600 pips
AUDCAD pulls back on profit-taking after reaching five-year high
Technical analysis Indicators and reports Hot news Indicators Fundamental analysis
Yesterday at 06:48 AM 26
Emily_Foster
ETHUSD buy
Period: 28.05.2026 Expectation: 155 pips
Investing in ETHUSD up to $2,425
Indicators and reports FA Other Chart analysis Hot news
14 May 2026 53
Reed_Marcus
Go to forecasts