China's yuan nears 2008 global financial crisis era lows
The yuan gained some support on Thursday after a Bloomberg report that China is considering reducing the COVID-19 quarantine time for inbound travelers, citing unidentified sources, though other details were scant.
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Prior to market opening on Friday, the People's Bank of China (PBOC) set the midpoint rate at 7.1186 per dollar, 2 pips firmer than the previous fix 7.1188.
In the spot market, the onshore yuan opened at 7.23 per dollar and was changing hands at 7.25 at midday, 302 pips weaker than the previous late session close and 1.8 per cent softer than the midpoint.
The yuan hit an intraday low of 7.248 in morning trade, and was not far from a 14-year low of 7.252 hit in late September.
If the yuan finishes the late-night session at the midday level, it would have lost 0.74 per cent for the week, bringing the year-to-date loss to 12.3 per cent.
Traders said yuan weakness may persist, reflecting broad dollar strength in global markets as Federal Reserve officials showed no signs of backing down from their hawkish rhetoric.
