The yuan softened on Thursday as the cost of offshore yuan borrowing declined and China’s blue-chip stock index tumbled to near 5-year lows.
The cost of borrowing yuan in Hong Kong has declined across the board, making shorting the yuan less expensive for certain investors.
The offshore yuan overnight rate in Hong Kong plummeted 131 basis points to 2.00682%, the lowest level in three weeks.
The People’s Bank of China fixed the midpoint rate, around which the yuan can move in a 2% range, at 7.1012 per US dollar, 46 pips lower than the previous fix of 7.0966.
The spot yuan began at 7.1380 per dollar and was trading at 7.1465 at lunchtime, down 83 pips from the previous late session finish.
GOOGL 
AMZN 
MET 
T 
WPM 
DM 
SVM 
CMC 
HKDUSD=X 
BABA 