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Yuan Faces Downward Pressure Until The End of The Year - Yicai

CHINA PRESS
MNI (Singapore)

The yuan may continue to fall until the end of the year as the U.S. Dollar Index is unlikely to retreat soon amid geopolitical turmoil, Yicai.com reported citing analysts. The People’s Bank of China is seeking to stabilise the currency by setting the central parity rate stronger, with traders saying the rate set by PBOC is over 1,000 points stronger than predicted by their models, Yicai said. Apart from the U.S. dollar, China’s exports are a key factor affecting the yuan. High-frequency data suggests exports may continue to slow in Q4, with container throughput at major ports falling by 9% in the first 10 days of October, the newspaper said citing Chang Jian, chief economist at Barclays China.

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