Fed’s Logan Signals 50 Basis Points More in Rate Hikes 
BOJ Signals Faster Rate Hikes as Inflation Risks Grow 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Fed’s Hammack Says More Data Needed Before Next Rate Move 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Australia Consumer Confidence Plunges as RBA Rate Hike Hits Households 
Add as a preferred source on Google
Chinese currency is experiencing unprecedented volatility in the offshore market. Just hours ago we at FxWirePro, were covering stories on rising HIBOR, which rose to the second highest level at 61.83 percent today and how the Chinese yuan in the offshore market registered its biggest two-day gains yesterday, and now we are covering stories how that mega move is ending with the biggest single day loss since the currency was liberalized in 2005.
After gaining 0.2 percent on January 3rd, the offshore yuan, largely traded in Hong Kong rose by 1.33 percent and by 1.05 percent on the following two days and today it is ending the gains with a weakness of 0.96 percent. The offshore yuan is currently trading at 6.8546 per dollar.
The People’s Bank of China (PBoC) is likely to release its forex reserve details for December over the weekend. The reserve is currently at $3.052 trillion and if it dips below $3 trillion, there might be renewed selloffs in the currency.
