Yuan Drops as Regulators Expand Probe on Brokerages

The Chinese yuan dropped against the US dollar today as the Chinese stock market crashed after regulators expanded their probe on brokerage firms.
According to Reuters, Chinese regulators extended their probe to Haitong Securities, China’s fourth biggest securities firm. This led to a more than 5 percent drop of Chinese stocks. Meanwhile, the International Monetary Fund is going to discuss on Monday whether to include the yuan in its basket of currencies.
USD/CNY advanced from 6.3888 to 6.3947 as of 13:40 GMT today.

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