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Rally In Chinese Stocks To Support A Stronger Yuan

CHINA PRESS
MNI (Singapore)

More overseas long-term capital will buy the yuan should China’s stock market gradually rebound and the Chinese economy maintains a steady recovery, 21st Century Business Herald reported citing market insiders. The yuan strengthened against the rising U.S. dollar index which rebounded to 104.54 on Tuesday, due to the rally in Chinese stocks. Both onshore and offshore yuan regained the 7.2 level against the dollar while the Shanghai Composite Index surged 3.23%. The currency may fluctuate widely within the 6.9-7.3 range this year, as the expected Fed rate cuts in the second half will help ease the external pressure on yuan, said Ming Ming, chief economist of CITIC Securities.

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