China’s yuan leaps to 7-month high, led by stronger yen, unwinding of global carry trade
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China’s yuan leaps to 7-month high as yen gains, carry trade unwinds
https://www.scmp.com/business/banking-finance/article/3273204/chinas-yuan-leaps-7-month-high-led-stronger-yen-unwinding-global-carry-trade
The sudden uptick in funding currencies, particularly yen and yuan, dented carry trades, after weak US labour data late last week stoked recession worries and expectations of deeper rate cuts by the Federal Reserve.