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Yuan Supported By Safety-seeking Capital: Herald

MNI (Singapore)

The Chinese yuan is supported by inflows of funds from Europe seeking to avoid geopolitical turmoil, hedge funds' bullishness on the currency after China reported robust trade, as well as foreign exchange settlements by trade companies, the 21st Century Business Herald reported citing traders. The first two factors lead to more than half of new yuan trading activities in the offshore market since last week, the newspaper said. Wall Street investment institutions have raised the short-term expectation of yuan to around 6.25 against the U.S. dollar, but few expect rapid gain fearing the recent strength in the dollar index, the newspaper said.

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