The yuan is one of the most-straightforward trades on the election
As early election results came in, the US dollar jumped against the yuan. The falling yuan was a reflection of Trump looking like he could return for another round of the trade war.
USD/CNH bounced around for a few hours and then decisively began to fall as evidence of Biden winning Michigan began to mount. That hasn't changed despite some worries creeping in on Arizona and Pennsylvania.
The daily chart shows how large the move was and highlights how the pair is now testing the October low.
A few ticks lower and we will be at the lowest since 2018. The continued fall is a reflection of how the pandemic is affecting China less than almost any other country.
