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The yuan's recent fall against the dollar is a normal and healthy recalibration and has eased the pressure on companies that receive revenue in dollars, Guan Tao, a former official at China's State Administration of Foreign Exchange, wrote in a commentary in the Economic Daily. The recent Chinese yuan depreciation was driven by risk aversion as the pandemic regained momentum in Europe and inflation expectations rose in the U.S., which narrowed interest rate spread with China, Guan wrote. The weakening yuan also resulted from greater expectations for the U.S. recovery due to the fast rate of vaccination and concerns about tightening policies, Guan wrote.