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17 November 2022 | Other

Chinese yuan is getting weaker because of new COVID cases leading to worries about lockdowns

USDCNY

In China, in the southern province of Guangdong, the incidence of COVID-19 is on the rise. As a result, on Thursday, the yuan fell to its minimum for almost a week and worries about a return to broader quarantine measures appeared.

The rising number of cases is forcing China to keep its strict policy on restrictions regarding COVID. As a consequence, in the beginning of this week the yuan exchange rate increased to its maximum in almost two months.

A report by Maybank analyst Saktiandi Supaat indicates that authorities are likely to bring back broader quarantine measures because of fears about an increase in COVID-19 cases.

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