On the Thursday forex trading session, the prices of the Asian currencies seem to have taken a fall. The data shows that the fall is due to the announcement made by the US Feds surrounding the interest rates.

The US Feds Want to Hike Interest Rates

The US Federal Reserve announced on Thursday that they plan on keep going with their interest hike program. This way, they will be in a better position to fight off the inflation hikes.

As the investors from around the world have started to digest US Feds’ decision, the situation has gone south for the Asian currencies.

The Chinese Yuan’s Crisis

Among the Asian currencies, the currency taking the most amount of damage is the Chinese yuan. However, the Chinese yuan has another major factor negatively impacting its market value.

The factor that is impacting the Chinese yuan in a negative manner is the real estate crisis the country is currently going through.

It has also added up negatively to the Chinese economy, which has impacted the trading value of the Chinese yuan.

As the real estate crisis keeps rising, the level of concern is also rising among economists and analysts. They are concerned about the economy of Chinese and how badly the real estate crisis is going to impact its growth.

Performance of the Chinese Yuan

The data from the forex market on Thursday shows that the value of the Chinese yuan dropped by 0.2%. As the price has dropped by 0.2%, its value has come all the way down to 6.7912.

For now, the value of the yuan is experiencing a three-month low. This is because the investors are extremely worried and skeptical about going in and making investments to support the yuan.

The current economic condition of China and its weak growth guidance have the investors worried. Therefore, they won’t be making much of an effort, for now, to support the yuan.

Country Garden Holdings Company Ltd.’s Profit Warning

The Country Garden Holdings Company Ltd recently posted a warning for the real estate investment community.

The major real estate company reportedly warned the investors about the profits and their shrinkage. This had the entire real estate community go on a back foot and not make investments at all.

This has ended up slowing down the growth of the Chinese growth and has added a negative factor to it.

Performance of other Asian Currencies

Coming to other major currencies in Asia, the Japanese yen’s value has remained neutral and unchanged versus the greenback.

However, the trading value of the South Korean won has experienced a 0.3% loss. Then there is the Indian Rupee which has lost 0.4% versus the USD.