USD/CNH climbs above 6.90 as risk deteriorates; set for biggest daily gain since August
Risk assets are falling apart on the day
European equities are taking a major beating - most sectors are hitting multi-year lows - while E-minis are down by 1.7% on the day currently. Add to the fact that oil prices are down by close to 5% now, it's a bloodbath out there for risk.
The yuan is often seen as a proxy for risk sentiment as well and the rise in the dollar against the offshore yuan highlights how poorly risk is performing right now. USD/CNH looks set for its biggest daily gain since August as it rises back above 6.90 now.
Whatever the PBOC has done to strengthen the yuan following the Trump-Xi meeting is looking to be undone in just a span of a day now.