The offshore yuan wallowed near an almost one-month low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default.
The New Zealand dollar also sank after the central bank's assistant governor poured cold water on bets for a 50 basis point rate hike next month.
"It feels like the market was waiting on something from the Chinese authorities over the weekend to calm the markets and ringfence the contagion worries from a looming Evergrande default, and that didn’t come," Chris Weston, head of research at brokerage Pepperstone in Melbourne, wrote in a client note.Analysts at Wells Fargo expect the dollar to reach 6.60 per yuan in the next month for the first time since November.
The yen eased back about 0.2% to 128.50 to the single currency , but still close to its high of 128.155 from Monday, a level not seen since Aug. 20.
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