This summer, the yen is stoking market jitters. For as the US dollar has rallied amid expectations that the country’s rates will remain higher for longer, the Japanese currency has slid to ¥160 a dollar — sparking furtive intervention.
Thankfully, it has now stabilised around ¥157. But as investors warily wait to see what the Tokyo government does next, they should also look west, towards Beijing.
On Wednesday, the renminbi hit a six-month low of 7.2487 to the dollar, and reports circulated that China’s state-owned banks were quietly buying the currency to combat further decline.
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