China’s ferrous market unperturbed by Yuan depreciation
May 29, 2020 15:30
See Full-size Table Here
Chinese ferrous market insiders are showing little concern about the recent depreciation of Yuan against the U.S. dollar, saying the softening of the Chinese currency will make little difference to their business – either importing or exporting – given the other uncertainties impacting China and the wider world just now.
Amid concerns in global financial markets over worsening Sino-US tensions, in international currency trading overnight on May 27 the Yuan-dollar exchange rate touched Yuan 7.1964=US$1, the all-time historical low for the Chinese currency. As of 1500 Beijing time Friday, the Yuan had firmed a little to Yuan 7.1657=US$1.
Yet Chinese steel