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Yuan Reverses Weakness

CNH

Offshore yuan is stronger, reversing earlier weakness. The PBOC fixed USD/CNH above sell-side estimates, indicating a preference for a weaker yuan, but the move reversed after data showed Chinese companies industrial profits rose 240% Y/Y in the first four months of 2021. USD/CNH last at 6.3647, dropping from session highs at 6.3813.

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