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Finance Experts downplay yuan's depreciation
[China Daily] Though the yuan may face continued pressure from a strong US dollar in the coming weeks, the Chinese currency may gain a firmer footing later this year with a more stable COVID-19 situation and slower US monetary tightening, experts said on Thursday.The offshore yuan exchange rate against the dollar dropped below 6.80 on Thursday afternoon, a level not seen since September 2020, making the year-to-date depreciation about 7 percent. The onshore yuan, meanwhile, came in at around 6.79 on Thursday afternoon, weakening by about 600 basis points from Wednesday's close. Wang Youxin, a senior researcher at Bank of China, said the yuan's slump on Thursday can be attributed to expectations of further US monetary tightening triggered by a weaker-than-anticipated slowdown in US inflation. Posted by: Matt 2022-05-13 |
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