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Yuan To Keep Facing Near-term Pressure

CHINA PRESS
MNI (Singapore)

The yuan will continue to face depreciation pressure in the short term and likely fluctuate around 7.24 to 7.29 against the U.S. dollar this week, Yicai.com reported citing Wang Qiangsong, head of research at Nanyin Wealth Management. The central bank is expected to maintain yuan stability in the onshore market judging by PBOC Governor Pan Gongsheng’s recent statement, said Wang. The deviation of the yuan central parity rate from the model is still close to 1,000 points, showing the central bank's willingness to maintain stability by setting a stronger central parity, said Yicai.

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