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Chinese currency is experiencing unprecedented volatility in the offshore market. Just hours ago we at FxWirePro, were covering stories on rising HIBOR, which rose to the second highest level at 61.83 percent today and how the Chinese yuan in the offshore market registered its biggest two-day gains yesterday, and now we are covering stories how that mega move is ending with the biggest single day loss since the currency was liberalized in 2005.
After gaining 0.2 percent on January 3rd, the offshore yuan, largely traded in Hong Kong rose by 1.33 percent and by 1.05 percent on the following two days and today it is ending the gains with a weakness of 0.96 percent. The offshore yuan is currently trading at 6.8546 per dollar.
The People’s Bank of China (PBoC) is likely to release its forex reserve details for December over the weekend. The reserve is currently at $3.052 trillion and if it dips below $3 trillion, there might be renewed selloffs in the currency.
