Yen jumps, yuan slumps on worries China struggling to contain virus
Monday, 27 January 2020 07:41 WIB | CURRENCIES | Yuan YenCurrencyDOLLAR

The yen rose and the yuan fell in offshore trade on Monday as worries that China is struggling to contain the spread of a pneumonia-like virus sparked a bout of risk aversion.

Japan's currency, often sought as a safe-haven in times of uncertainty, rose to the highest in almost three weeks versus the dollar, while the yuan fell to its lowest since Jan. 8.

China's cabinet announced it will extend the Lunar New Year holidays to Feb. 2, to strengthen the prevention and control of the new coronavirus, state broadcaster CCTV reported early on Monday. The holidays had been due to end on Jan. 30.

The yen rose 0.3% to 108.91 per dollar on Monday, reaching its strongest level since Jan. 8.

Japan's currency also jumped around 0.5% versus the Australian and New Zealand dollars as worries about the virus drew traders toward safe-haven currencies and away from currencies that are more sensitive to risk.

In the offshore market, the yuan fell more than 0.3% to 6.9625 against the dollar, its weakest since Jan 8.

The dollar index against a basket of six major currencies was little changed at 97.884.

Source : Reuters

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