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China Warns Against Gambling on Chinese Yuan after Trading at USDCNY 7.24 & Lowest Since 2008, Hang Seng Index Declined to Lowest Level Since 2011

29th September 2022 | Hong Kong

China central bank People’s Bank of China (PBOC) has warned against gambling on Chinese Yuan after CNY traded just above USD CNY 7.24 (28/9/22), which is the lowest USDCNY exchange rate since January 2008.  Separately, Hong kong major stock index Hang Seng Index declined to the lowest level since 2011 (Hang Seng Index 28/9/22: 18,147).  On 22nd September 2022, Hong Kong central bank Hong Kong Monetary Authority (HKMA) had increased Hong Kong key interest rate by 0.75% (Base Rate) to 3.5%, following the 0.75% upward adjustment in the target range for the US federal funds rate on 21st September 2022, and 0.5% above the lower end of the prevailing target range for the US federal funds rate is 3.50% (The average of the five-day moving averages of the overnight and one-month HIBORs is 1.82%). 

“ China Warns Against Gambling on Chinese Yuan after Trading at USDCNY 7.24 & Lowest Since 2008, Hang Seng Index Declined to Lowest Level Since 2011 “

 


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