Yuan edges lower, pressured by COVID, property woes and Taiwan tensions

From brecorder.com

The yuan weakened slightly against the dollar on Tuesday, as fresh COVID-19 outbreaks, property sector woes and geopolitical tensions clouded the outlook for China’s economy, even as exports remained brisk. In the onshore market, the yuan was changing hands at 6.7562 at midday, 54 pips weaker from the previous late session close, despite a firmer midpoint rate set by the People’s Bank of China. Parts of Tibet are running mass COVID-19 testing on Tuesday, including the Chinese autonomous region’s two largest cities, to fight a rare flare-up there, while clusters of infections were growing in tropical Hainan and ... (full story)