China's yuan hovers at near 4-year high as Russia attacks Ukraine, boosted by rising demand for less risky assets as Russian forces began attacking

[beijingwalker]

China's yuan hovers at near 4-year high as Russia attacks Ukraine, boosted by rising demand for less risky assets as Russian forces began attacking Ukraine​

Reuters 24 Feb, 2022

BEIJING: China's yuan hovered at a near four-year high against the dollar on Thursday, underpinned by rising demand for less risky assets as Russian forces began attacking Ukraine.

The Ukraine government said Moscow had launched a full-scale invasion, with Russian troops landing in the Black Sea port of Odessa and in Mariupol, and as Ukrainian military command centres in several cities came under missile attacks.

Safe haven demand surged to benefit the dollar, while the Chinese currency also attracted higher attention from overseas investors, after Russian President Vladimir Putin authorised a military operation in eastern Ukraine on Thursday.

In contrast to most emerging market currencies, which depreciated against a soaring dollar, traders and analysts said the yuan appeared to be more resilient, thanks to rising foreign capital inflows into Chinese assets and heavier corporate conversion of their export receipts into the yuan.

"There has been continued heavy demand (for the yuan), and markets are discussing if the yuan has become the latest safe haven currency," said a trader at a Chinese bank.

Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.328 per dollar, 33 pips firmer than the previous fix 6.3313.

In the spot market, the onshore yuan opened at 6.3210 per dollar and jumped to a high of 6.31 at one point, the strongest level since April 2018. By midday, it was changing hands at 6.3166, 24 pips softer than the previous late session close.

Traders said absence of apparent discomfort from the PBOC amid recent yuan gains encouraged market participants to test new highs in the yuan.

The yuan has gained about 0.7% against a rising dollar so far this month.

By midday, the global dollar index, which gauges the greenback against six major peers, rose to 96.577 from the previous close of 96.19, while the offshore yuan was trading at 6.3132 per dollar.

China's yuan hovers at near 4-year high as Russia attacks Ukraine

BEIJING: China's yuan hovered at a near four-year high against the dollar on Thursday, underpinned by rising demand...

www.brecorder.com

 

[Viet]

That’s expected the yuan is on the rising trend. Putin will pay a high price for his aggression against Ukraine. Rich Russians bring their wealth out of Russia before western sanctions take place.

Russia living standard will become a fraction of China. what a shame.

 

[Zsari]

That’s expected the yuan is on the rising trend. Putin will pay a high price for his aggression against Ukraine. Rich Russians bring their wealth out of Russia before western sanctions take place.

Russia living standard will become a fraction of China. what a shame.

Territorial lost is always much harder to recover than the economy.

 

[Viet]

Territorial lost is always much harder to recover than the economy.

Russia lacks land? No. I don’t understand what Putin wants more lands from other people. He should focus on bringing prosperity to his people instead of wars.

A colleague of mine who is German says most of flats in Russia don’t have in-house toilets. Maybe Putin should spend more efforts on that problem.

 

[Han Patriot]

That’s expected the yuan is on the rising trend. Putin will pay a high price for his aggression against Ukraine. Rich Russians bring their wealth out of Russia before western sanctions take place.

Russia living standard will become a fraction of China. what a shame.

We will buy their stuff in Rmb, no worries. Our engineers and companies will help ykem rebuild.

 

[Beast]

Russia lacks land? No. I don’t understand what Putin wants more lands from other people. He should focus on bringing prosperity to his people instead of wars.

A colleague of mine who is German says most of flats in Russia don’t have in-house toilets. Maybe Putin should spend more efforts on that problem.

Putin is a great Russian, not wanting to be running dogs like some countries. And that is true freedom.

 

[Viet]

We will buy their stuff in Rmb, no worries. Our engineers and companies will help ykem rebuild.

But Putin needs euros when he wants to buy Mercedes. Germany doesn’t take your money.

 

[Han Patriot]

But Putin needs euros when he wants to buy Mercedes. Germany doesn’t take your money.

No worries he can buy NIO and BYD or even tesla. Mercedes is also made in China nowadays, including the engine. We will even give them the technology to build their own Russian car...... We must prop up Russia for our own security.

 

[Viet]

Putin is a great Russian, not wanting to be running dogs like some countries. And that is true freedom.

Putin loses $60 billion with north stream 2, $200 billion in exports, in total $260 billion per year. What freedom will he enjoy with less money?

 

[beijingwalker]

But Putin needs euros when he wants to buy Mercedes. Germany doesn’t take your money.

Mercedes are made in China. We accept our money.


Employees work on a production line at a Mercedes Benz automotive plant in Beijing on February 17, 2022.

 

[Beidou2020]

Putin loses $60 billion with north stream 2, $200 billion in exports, in total $260 billion per year. What freedom will he enjoy with less money?

Independence.

Nothing is more important than that.

 

[Viet]

Independence.

Nothing is more important than that.

Putin is a war criminal.

Read the official statement of China

Germany says Putin is a liar.

 

[Beidou2020]

Putin is a war criminal.

Read the official statement of China

Germany says Putin is a liar.

Putin is a hero to the anti-imperialist world.

 

[beijingwalker]

Germany says Putin is a liar.

Germany may fall to Russia again

 

[JSCh]

https://twitter.com/x/status/1496741702362865671