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Yuan inches up on hopes China’s economy is regaining traction
China’s yuan inched higher on Thursday, shrugging off a broadly stronger US dollar, as investors hoped upcoming data would show a further recovery in the Chinese economy after a sharp COVID-induced slump in the spring. Official and private business surveys had pointed to improving conditions in June as lockdowns were lifted in Shanghai and some other larger cities, but some areas have recently reported flare-ups in COVID-19 cases again, which could slow or even stymie a recovery. “Markets are awaiting the release of June economic indicators,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank, noting ... (full story)