Yuan, Aussie on Tenterhooks Ahead of China Market Re-Opening
Monday, 3 February 2020 08:10 WIB | CURRENCIES |AussieDolarAussie

China's yuan and its proxy, the Australian dollar, were poised for vulnerable day of trade on Monday in favor of safe-harbor currencies, in reaction to authorities' drastic steps worldwide to curb the spread of a new virus which originated in China.

Immediate focus was on how China's financial markets would fare when they reopen later in the day, after a Lunar New Year break that was extended to help stop a coronavirus which has killed as many as 350 people in China's Hubei province.

The Australian dollar fetched $0.66875, just a hair above its 10 1/2-year low of $0.6670 touched last October. The currency is often regarded as a yuan proxy as it is more freely traded and because of Australia's reliance on trade with China.

Source : Reuters

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