Bearish bets on the Chinese yuan and Malaysian ringgit strengthened sharply as a wobbly recovery in Asia's largest economy pressured fundamentals in other currencies, a fortnightly Reuters poll found on Thursday.Short bets on the Chinese yuan firmed to their highest since October, according to a Reuters p
Bearish bets on the Chinese yuan and Malaysian ringgit strengthened sharply as a wobbly recovery in Asia's largest economy pressured fundamentals in other currencies, a fortnightly Reuters poll found on Thursday.
Data released on Wednesday showed China's factory activity in May shrank more than expected on stuttering demand, making the country's path towards economic growth sloppier, even as the Caixin manufacturing PMI released early on Thursday bested estimates. "Given a corresponding decline in equity inflows, CNY softness could persist until there are signs of improvement in both investment and consumption."
"It's largely driven by how the China reopening story has faded, as well as softer oil prices which have had an impact on the country." Separately, a divided U.S. House of Representatives passed a bill on Tuesday to suspend the country's $31.4 trillion debt, which if postponed, could have led to a damaging debt default, plunging the world's largest economy into recession and triggering a rout in riskier assets.
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