Published: 2023-12-29T05:18:56.000Z
AUD/USD flows: Getting support from strongest Yuan since May
FX Analyst
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The Chinese Yuan strengthened to level last seen in May
The Aussie getting proxy support
The PBoC has fixed onshore Yuan to be the lowest since May at 7.0827. Subsequently, Yuan traders took that as a green light to bring both the on/offshore Yuan lower. While the currency is capitalizing more on USD weakness than overall economic strength in China, it does not prevent the Aussie to gain some proxy support.
The AUD/USD is trading 0.14% higher at 0.6838.