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MNI: Yuan Finds A Range On Improved Economic Sentiment

MNI (Singapore)

The Chinese yuan has recovered ground against the dollar as sentiment swings in favour of an economic rebound.

True

The Chinese yuan is returning to a two-way range against the U.S dollar as market sentiment bets on improved fundamentals after the central bank further moved to bolster the economy, and as an end to two months of strict lockdowns in Shanghai is in sight, market analysts said.

Analysts predicted USD/CNY may trade in a volatile range of CNY6.6 to CNY6.85 in the short term. Even though there is still depreciation pressure, the possibility for the yuan to break the level of CNY7.0 against the dollar in the rest of this year is low.

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The Chinese yuan is returning to a two-way range against the U.S dollar as market sentiment bets on improved fundamentals after the central bank further moved to bolster the economy, and as an end to two months of strict lockdowns in Shanghai is in sight, market analysts said.

Analysts predicted USD/CNY may trade in a volatile range of CNY6.6 to CNY6.85 in the short term. Even though there is still depreciation pressure, the possibility for the yuan to break the level of CNY7.0 against the dollar in the rest of this year is low.

Keep reading...Show less