The Chinese yuan is reeling upon the resumption of trade following Golden Week holidays.
The USD/CNY, onshore traded yuan, hit a session high of 6.7040 just moments ago, marking the weakest level for the yuan against the US dollar since September.
Earlier in the session the People’s Bank of China set the USD/CNY midpoint at 6.7008, up from the close of September 3 of 6.6745.
The move in onshore traded yuan today mirrors that seen last week in offshore traded yuan, or USD/CNH, as the US dollar strengthened as speculation over a December rate hike from the US Federal Reserve rose.
USD/CNH is currently trading at 6.7106.