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Yuan falls as China industrial profits point to a slow recovery
The USD/CNY rose slightly after the China Bureau of Statistics released slightly better industrial profit data. The pair is trading at 7.150, which is close to its yesterday’s high of 7.1425. chart China has been affected significantly by the current coronavirus pandemic. Its economy contracted for the first time in decades in the first quarter and the unemployment rate has moved upwards. Similarly, the financial sector has become increasingly vulnerable as many small companies have missed their payments. But the economy appears to be turning itself around according to the industrial profit data released by the ... (full story)