Investors should avoid Chinese currency risk and adapt to higher foreign exchange volatility, three state financial newspapers in Shanghai and Beijing said in front-page commentaries on Tuesday after more than a week of strong gains by the yuan.
January 11, 2023 | 12:01 am
Since the newspapers delivered essentially the same message on the same day and on their front pages, they had almost certainly been directed to do so by the government.ve-month high on Tuesday and reversing much of 2022’s annual loss, the biggest in 28 years. Optimism over economic recovery following the country’s ending of pandemic controls in late November and early December has driven the currency.
The US Federal Reserve’s raising of interest rates and the resulting strength of the dollar was a key factor weighing on the yuan in 2022, since higher US yields attracted money to dollar-denominated assets.
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