China’s currency has suffered some pain since Russia invaded Ukraine. The yuan was trading at around 12.6 roubles on February 24, since when it has dropped as low as 7.85 and was bumping along at 8.86 on July 13.
“The performance of the yuan since the start of the conflict in Ukraine is skewed to the downside, and we think that is likely to be the case in the short term,” says Naeem Aslam, chief market analyst at AvaTrade.
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