LONDON (Reuters) – The Chinese yuan in the offshore market fell to its lowest level against the dollar on Wednesday, as traders nervously awaited the release of key economic statistics and announcements following the Chinese Communist Party Congress ( CCP).
The currency, down 0.64%, hit a historic low of 7.2723 per dollar in the session.
China has exceptionally postponed the publication of several statistics scheduled for this week, including that on the evolution of gross domestic product in the third, due to the holding until Saturday of the 20th congress of the ruling party.
“In this case, the absence of news is probably bad news, even though Prime Minister Li Keqiang said the economy is improving,” Maybank analysts wrote in a note.
If the renewal for a third term of President Xi Jinping is not in doubt, the composition of the new permanent committee of the political bureau of the CPC, a body composed of seven members considered to be the real heart of power in China, is eagerly awaited.
The absence in Xi Jinping’s opening speech of an announcement on a possible easing of the “zero COVID-19” policy and strong measures to support the ailing real estate sector further contributes to the depreciation. yuan.
(Joice Alves, Shanghai Office, French version Laetitia Volga, editing by Kate Entringer)
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