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Yuan May Rise to 6.3 amid Ukrainian Crisis: News

CHINA PRESS
MNI (Singapore)

The yuan is expected to appreciate to 6.30 against the U.S. dollar as investors seek to divert from the risks of the Russia-Ukraine conflict, the China News Service reported citing analysts. The recent rapid appreciation of the yuan may be supported by the inflow of foreign funds to Chinese assets, given the China-U.S. interest spread has been falling all the way in January and the geopolitical tension failed to disturb the pace of foreign investment in yuan bonds, the newspaper said citing an analysis by CICC. Both onshore and offshore yuan had reached an intraday high of 6.3095 and 6.3016 yesterday, the highest in nearly four years, the newspaper said.

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