China's yuan weakens as new Covid cases spur worries over lockdowns

From thestar.com.my

China's yuan weakened on Thursday to its lowest in nearly a week as a spike in COVID-19 cases in the southern province of Guangdong sparked worries over a return to broader lockdowns. The surge in cases tempered recent enthusiasm over signs that China was easing its strict policy on COVID-related restrictions, which had lifted the yuan to its strongest in nearly two months early this week. "Fears of rising covid infections at home could force authorities to revert back to broader lockdowns," Maybank analyst Saktiandi Supaat said in a report. The People's Bank of China set the midpoint rate at 7.0655 per dollar ... (full story)