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Pressure on Yuan to Continue Until End of Year

CHINA PRESS
MNI (Singapore)

The yuan may continue to weaken over the rest of 2022 as U.S. yields may peak on expectations the Federal Reserve could end its rate hikes in H1 2023, Yicai.com reported citing AVIC Trust macro strategy director Wu Zhaoyin. The People’s Bank of China has ample tools to stabilize the yuan, including activating the counter-cyclical factor, adjusting the foreign exchange deposit reserve ratio and tightening liquidity in the offshore yuan markets the newspaper said. The PBOC’s raising of the foreign exchange risk reserve ratio on forward FX sales by 20% will add an additional cost of about 700 points, which is intended to curb FX purchases, the newspaper said.

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