USD/CNH rises to the highest level since 20 December amid virus concerns
When China sneezes, the rest of the world catches a cold - in this case, quite literally. As coronavirus concerns continue to grip markets, it is putting pressure on the offshore yuan as it falls to its weakest levels against the dollar since 20 December.
USD/CNH is closing back in on the 7.00 threshold and a break of that level may yet set off further risk aversion in markets - more specifically, emerging markets in Asia.
As Asian markets continue to be battered by fears surrounding the situation and the economic backlash set to come as a result of China being impacted, the dollar reigns as king in the region - and that may yet continue for quite some time yet.