Daniel Grizelj
By Lynn Song
There and Back Again – a USD/CNY tale
To borrow from the great JRR Tolkien, the USD/CNY story in April has been much like Bilbo Baggins’s autobiography from The Hobbit – There and Back Again.
Chinese Yuan At A Glance: There And Back Again
Summary
- It’s been a hectic April, as the whirlwind of tariff news after Trump’s 'Liberation Day' announcement consumed markets.
- As we have reached a period of relative calm, it’s a good time to reflect on the developments of the last month and how they have impacted the USD/CNY, which has come full circle this month.
- US-China yield spreads have been a major driving force behind CNY depreciation pressure since the US rate hike cycle in 2022.
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