The dollar climbed on Monday as protests against COVID restrictions in China rattled financial markets, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback.
and spread to several cities in the wake of a deadly fire in Urumqi in the country's far west, with hundreds of demonstrators and police clashing in Shanghai on Sunday night.
The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6687. The kiwi slumped 0.65% to $0.62065. "We're really looking at the government response to what's happening ... the government response is so unpredictable, and of course that just means derisking." "If the RRR cut is the only monetary policy tool that the PBOC is going to implement, it may not lead to a significant increase in bank lending," said Iris Pang, chief economist for Greater China at ING.
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