Nothing too dramatic but at 6.9642 yuan per US dollar, and higher than August’s multi-year high at 6.9331, the Chinese yuan is now moving north in exchange rate terms. From a record 6.0395 in 2014, the trend to a weaker currency has been subtle. This contrasts with the trend to a stronger yuan between 2005 and 2013, where 7.1580 lies at the 50 per cent level.
Ahead of US Q3 preliminary US GDP data today, FAANG stocks reported yesterday. Amazon, Google parent Alphabet, Snapchat managed to sort of disappoint on one metric or another, though Twitter, despite a drop in active users, saw revenue up 29 per cent and its share price soar by 22 per cent.
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