SINGAPORE, May 17 ― The dollar fought for a footing today and the tumbling Chinese yuan found a floor as investors trimmed bets on whether US interest rate rises will drive further dollar gains.
China's yuan was steady at 6.7953 per dollar in offshore trade, and seems to be finding a base after sliding more than 6 per cent in a month. “Dollar/CNH has been a big driver of G10 currencies,” said Chris Weston, head of research at brokerage Pepperstone in Melbourne, referring to offshore yuan. He added that a pause in its slide as well as a calming of markets' volatility generally has paused dollar gains, for now.
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