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IPFS News Link • Currencies

Red Ponzi Cracking -- Offshore Yuan Poised for Biggest Weekly Decline in 3 Months

• davidstockmanscontracorner.com

The offshore yuan slid 0.2 percent to 6.5944 as of 5:50 p.m. in Hong Kong, taking its loss for the week to 0.8 percent. The onshore Chinese currency fell 1 percent against a trade-weighted basket Monday through Wednesday, reaching the lowest level since October 2014, before a two-day holiday in the nation halted trading.

The People's Bank of China set its daily fixings at weaker-than-expected levels this week as the greenback dropped. While foreign reserves remained resilient in May, a record 243 percent surge in China's shipments from Hong Kong suggest outflows are continuing via the over-invoicing of imports, according to Scotiabank, Natixis SA and Royal Bank of Canada.


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