Chinese Yuan Likely To Remain Stable With Support: Journal

The yuan will remain basically stable, supported by the adjustment of the U.S. dollar index, easing of pandemic curbs and growing confidence in China’s economic growth, the China Securities Journal reported citing analysts. The Fed's continued tightening of monetary policy has been priced in the market, and U.S. growth is likely to slow gradually, which may weigh on the dollar index, the newspaper said citing analysts from Shanxi Securities. The large trade surplus, net inflow of direct investment, and increase in private forex asset holdings will help keep the yuan at a balanced level, the newspaper said citing Guan Tao, a former forex official. On Monday, the onshore yuan intraday rose above 6.64 against the dollar to hit a nearly month high, the newspaper said.