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Yuan Trading Dries Up As Shanghai Lockdown Drags On

Courtesy of ZeroHedge View original post here.

By Ye Xie, Bloomberg Markets Live commentator and analyst

Three things we learned last week:

1. Yuan trading has evaporated since Shanghai went into lockdown. Onshore yuan trading volume declined to $16 billion on Friday, the lowest since March 2020 and down from the daily average of $30 billion last month. The interbank market is dominated by banks buying and selling currencies on behalf of their clients. These transactions are backed by import and export contracts or investment activities. So the dwindling trading reflects a significant slowdown in economic activity. Shanghai accounted for 29% of yuan trading by banks for their clients in February, more than any other region in China.


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