Yuan and Aussie Dollar readies itself for vulnerability ahead of China market re-opening
The China’s Yuan and its proxy, the Australian Dollar had readied itself for a vulnerable trading day on Monday as global authorities employed drastic steps to contain the spread of the coronavirus.
Many had focused on how China’s financial markets would manage once they reopened after the extended Lunar New Year holidays.
The offshore Yuan steadied 0.1% to 6.9889 Yuan per U.S.Dollar, floating just below Friday’s 7.0070 Yuan per U.S.Dollar.
The Australian Dollar traded at $0.66875 which was just above its 101/2-year low of $0.6670 last October.
The Australian currency is often seen as Yuan’s proxy as it is often traded freely and the Aussie’s reliance on trade with China.