Yuan Unlikely To Fall Signficantly: Herald

Many overseas investment institutions believe the yuan is unlikely to fall sharply as far as China keeps stable growth and balanced cross-border capital flow, and the recent weakening of yuan is more likely a correction of the previous high valuation, the 21st Century Business Herald reported citing an unnamed trader in Hong Kong. The correction of yuan can moderately release the accumulated depreciation pressure and a more flexible currency will help to stabilize growth and maintain a high level of safety and yield prospects for yuan assets, the newspaper said. Onshore yuan traded around 6.4472 against the U.S. dollar on Thursday, hitting an intra-day high of 6.4518, the weakest since November 2021.