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China’s yuan has dropped 5% against the dollar so far in 2022, dropping for five consecutive months. That marks the currency’s longest losing streak since October 2018, according to the Wall Street Journal.
The Federal Reserve’s aggressive policy has pushed the dollar to 20-year highs. The greenback has climbed 11% this year amid sky-high inflation and declining gold purchases.
Goldman Sachs’ chief commodities strategist Jeff Currie said a weaker yuan means Chinese consumers — who make up roughly one-third of retail gold purchases — have less purchasing power to buy the safe-haven metal.
