- Yuan is being fried. As a result of renewed Chinese lockdown fears, sentiment has plummeted to its lowest level in a year.
- China’s yuan finished domestic trading on Monday at a one-year low against the dollar, extending losses after posting its worst week since 2015, as a worsening economic growth outlook drove investor concern that the currency had more room to fall.
- “The PBOC’s lack of intervention despite elevated downside volatility in the CNY may signal that China may be shifting to a more growth-oriented currency management at a time when tight containment measures pose significant risks to the country’s economic outlook,” ING said in a note.
- The German government has raised its inflation forecast for this year to 6.1 percent due to the impact of the Ukraine war, up from 3.3 percent in January, according to a government document seen by Reuters.
- According to Reuters, the German government is raising its inflation forecast for this year to 6.1 percent due to the impact of the Ukraine war, up from 3.3 percent in January, based on a government document seen by Reuters.
