Yuan flat as market awaits policy, economic cues

Yuan flat as market awaits policy, economic cues

26 Mar 2020 11:53 AM
 

The yuan flatlinedon Thursday as traders waited for policy signals from the Chinese central bank and as fears heightened over the virus' impact on the global economy.

 At 9:41 am, the onshore yuan was little changed from the previous close at 7.1085 per U.S. dollar. The offshore yuan was also relatively flat at 7.1236 per dollar.

 The Chinese currency was on the backfoot after the Financial Times reported the People's Bank of China was considering a cut to the deposit rate, said three traders in Shanghai, adding to pressure from corporate dollar demand.

 Pulling the yuan in the other direction was a softer greenback, as investors braced for a likely jump in U.S. claims for unemployment benefits as companies lay off workers due to the epidemic.