The offshore yuan weakens further against the dollar, with UOB analysts noting consolidation after a sharp intraday spike.
The offshore Chinese yuan (CNH) extended losses against the US dollar, reaching 6.8195 before stabilizing. UOB analysts Quek Ser Leang and Lee Sue Ann highlighted the move as part of broader weakness in the currency pair.
The pair is now consolidating between 6.8030 and 6.8185 intraday, following what analysts described as an overdone rally. The prior session saw limited volatility, with the yuan trading near 6.78 before the breakout.
No immediate market reaction was specified, but the move reflects ongoing pressure on the yuan amid broader USD strength.