The US dollar hit more than a one-month high on Monday as investors sought a safe haven due to concerns about China’s economy, and traders braced for possible Japanese government intervention after the yen hit its lowest level since November.
The dollar index, which tracks the currency against its major peers, was up 0.36% to 103.23, its highest level in more than a month.
Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China.
A source told Reuters that Country Garden, China’s largest private developer, is seeking to delay payment on a private onshore bond for the first time, in a new sign of stress in the sector.
Meanwhile, two Chinese listed companies said at the weekend they had not received payment on maturing investment products from asset manager Zhongrong International Trust Co.
“A lot of traders are focusing again on China,” said Edward Moya, senior market analyst at Oanda.
Published in The Express Tribune, August 15th, 2023.
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