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Chinese Stocks, Yuan To Fluctuate After Week-long Holiday

CHINA PRESS
MNI (Singapore)

The Chinese stock market may continue to fluctuate when it resumes trading on Monday following the Golden Week holiday, as the MSCI China Index fell 2.1% over the past week and H-shares remained under pressure due to poor liquidity. The rapid spike in U.S. bond yields to multiyear highs and rising expectations of further Federal Reserve rate hikes have impacted risk appetite, said Wang Qiangsong, research head at Nanyin Wealth. Though the U.S. dollar index has fallen below 106 in the past week, its cumulative rise of nearly 7% in recent months has kept CNY under pressure. The People’s Bank of China may continue to keep the yuan fluctuating in the range of 7.3 against the U.S. dollar. (Source: Yicai)

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