Yuan and Aussie Dollar readies itself for vulnerability ahead of China market re-opening
The China s Yuan and its proxy, the Australian Dollar had readied itself for a vulnerable trading day on Monday as global authorities employed drastic steps to contain the spread of the coronavirus.
Many had focused on how China s financial markets would manage once they reopened after the extended Lunar New Year holidays.
The offshore Yuan steadied 0.1% to 6.9889 Yuan per U.S.Dollar, floating just below Friday s 7.0070 Yuan per U.S.Dollar.
The Australian Dollar traded at $0.66875 which was just above its 101/2-year low of $0.6670 last October.
The Australian currency is often seen as Yuan s proxy as it is often traded freely and the Aussie s reliance on trade with China.