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Yuan Strong, but Limited Rally in H2: CICC

CHINA PRESS
MNI (Singapore)

The Chinese yuan will remain strong in the short term after rising above 6.4 against the U.S. dollar, but room for further appreciation may be limited and it may weaken slightly in the second half as domestic growth momentum slows, according to a report by CICC. The current account surplus may narrow in the following months as Chinese exporters face declining profits amid rising raw material prices, FX exchange and freight costs while overseas production capacity gradually recovers, the report said. Capital inflow will also fluctuate as China-U.S. rate spreads are unlikely to widen further, the report said.

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