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Chinese Yuan Seen Strong In Near Term: Herald

CHINA PRESS
MNI (Singapore)

The Chinese yuan is expected to remain strong against the U.S. dollar in the short term due to high domestic demand for FX settlement, despite that China-U.S. interest spread narrowed after the PBOC cut major policy rates this week, the 21st Century Business Herald reported citing analysts. However, the currency may weaken to 6.55 against the dollar by the end of 2022 as the room for further appreciation is limited should the Federal Reserve hikes rates and China’s current account surplus decreases, the newspaper said. Both the onshore and offshore yuan rose above 6.34 on Tuesday, highest since May 2018.

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