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Dollar firm as markets eye China data
  + stars: | 2023-09-15 | by ( ) www.cnbc.com   time to read: +1 min
The dollar was on the front foot in Asia on Friday, retaining overnight gains against peers after strong U.S. economic data and an ECB rate hike, with traders' attention warily turning to a data deluge from China. U.S. retail sales received a boost from higher gasoline prices, increasing 0.6% in August versus an estimated 0.2% rise, while market participants reacted to the European Central Bank's 25-basis point hike. "The data today will be super important," said Rodrigo Catril, senior FX strategist at the National Bank of Australia. The offshore yuan inched further down against the dollar to 7.2918 ahead of the data. "In that sense it means that any disappointment coming out of the data today, we'll likely see the CNY under pressure," with risks to the Aussie and the Kiwi as well, he said.
Persons: Rodrigo Catril, we'll Organizations: Central, U.S, Mizuho Bank, National Bank of Australia, People's Bank of China's, Kiwi Locations: Asia, China . U.S, Thursday's, China
China's onshore yuan meanwhile ended its domestic session at the weakest since 2007, as it battles capital outflow pressures and a widening yield gap with major economies. The U.S. dollar index , which measures the greenback against major peers, was last 0.05% lower at 105 but remained not far from the previous session's six-month high of 105.15. IN THE DOLDRUMSThe onshore yuan opened at 7.3400 per dollar on Friday and touched its weakest level since December 2007 at 7.3510, while its offshore counterpart sank to a 10-month low of 7.3621 per dollar. The onshore yuan has fallen roughly 6% against the dollar so far this year and has become one of the worst-performing Asian currencies alongside its offshore counterpart. The Australian dollar was last 0.28% higher at $0.6395, but eyed a weekly loss of over 0.8%.
Persons: Dado Ruvic, Dane Cekov, Nordea's Cekov, Sterling, Vishnu Varathan, Shunichi Suzuki, Samuel Indyk, Rae Wee, Shri Navaratnam, Gerry Doyle, Angus MacSwan, Mark Heinrich Our Organizations: REUTERS, U.S, Nordea, Mizuho Bank, Finance, Bank of Japan, Bank of, Australian, New Zealand, Thomson Locations: U.S, Germany, Europe's, Europe, United States, Bank of Japan
China to cut banks' FX reserve ratio to rein in yuan weakness
  + stars: | 2023-09-01 | by ( ) www.reuters.com   time to read: +3 min
The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. The People's Bank of China (PBOC) said it would cut the foreign exchange reserve requirement ratio (RRR) by 200 basis points (bps) to 4% from 6% beginning Sept. 15, according to an online statement. That would effectively free up $16.4 billion worth of foreign exchange with China's FX deposits standing at $821.8 billion at end-July. The PBOC said its move was to "improve financial institutions' ability to use foreign exchange funds". Cheung added that Friday's announcement reinforced the central bank's stance to defend a weakening yuan but was "unlikely to reverse the bearish picture of the yuan."
Persons: Jason Lee, Ken Cheung, Cheung, Winni Zhou, Tom Westbrook, Christian Schmollinger, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Mizuho Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States
Hong Kong CNN —China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008. Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. Separately on Sunday, the China Securities Regulatory Commission (CSRC) the country’s top securities watchdog, also unveiled several measures to “boost investor confidence” in the sagging stock market. Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis.
Persons: , Chris Liu, ” Liu, Ken Cheung, Seng Organizations: Hong Kong CNN, Ministry of Finance, State Administration of Taxation, China Securities Regulatory Commission, Hong Kong’s Stock Connect, China’s, Mizuho Bank, Shanghai Locations: Hong Kong, China, Beijing, Shanghai, Shenzhen, China’s Shanghai
Exclusive: China asks banks to limit some Connect bond outflows
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +3 min
[1/2] Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. "And it could also drive offshore yuan yields higher to support the renminbi." The southbound leg of the two-year-old Bond Connect scheme allows mainland institutional investors to purchase bonds traded in Hong Kong. Several measures have been aimed at raising the cost of shorting the yuan offshore. China's state-owned banks have taken steps to squeeze yuan this week by mopping up cash from the market, other sources told Reuters earlier this week.
Persons: Florence Lo, Ken Cheung, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Bond, People's Bank of China, Mizuho Bank, Reuters, Shanghai, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, China, outflows, Beijing
But it was U.S. Treasuries that hogged the limelight once again, with benchmark 10-year yields climbing to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date - before losing some ground to 4.3141%. "There's a more cautiously optimistic mood across financial markets," said Fiona Cincotta, senior markets analyst at City Index in London. At the same time, however, inflation expectations have hardly budged - meaning "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% late last week. In Europe, benchmark bond yields in Germany, France and Italy eased after Monday's sharp climb , , .
Persons: BOJ's Ueda, Fiona Cincotta, Jackson, Padhraic Garvey, Vishnu Varathan, Kazuo Ueda, Karin Strohecker, Elizabeth Howcroft, Dhara Ranasinghe, Tom Westbrook, Chizu Organizations: REUTERS, Staff, Nvidia, Wall, Index, Federal Reserve, Treasury, ING . Markets, Fed, European Central Bank, Bank of England, Bank of Japan, Mizuho Bank, NVIDIA, Wednesday, Tech, P, Brent, Benchmark, Dalian, Thomson Locations: Frankfurt, Germany, Europe, Asia, U.S, London, Americas, Jackson Hole , Wyoming, Singapore, France, Italy
Asia stocks snap losing streak, yields hit fresh peaks
  + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com   time to read: +4 min
Benchmark 10-year yields climbed 2.5 basis points (bps) in early Tokyo trade to touch 4.366%, their highest level since 2007 and are up almost 40 bps for the month so far. European futures were last up 0.6% and FTSE futures rose 0.3%. At the same time, however, inflation expectations have hardly budged - meaning that "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% on Monday. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%.
Persons: Issei Kato, BOJ's Ueda, Vishnu Varathan, Jerome Powell, Kazuo Ueda, Edwina Gibbs Organizations: REUTERS, SINGAPORE, Japan's Nikkei, Wall, Treasury, Mizuho Bank, Federal, Sovereign, BHP, Bank of Japan, New Zealand, Brent, Benchmark, Dalian, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, Singapore, Australia, Korea, New Zealand, Hong Kong
Soaring yields leave stocks struggling for headway
  + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com   time to read: +4 min
Benchmark 10-year U.S. Treasury yields rose about 2.5 basis points (bps) in early Tokyo trade to 4.366%, extending an overnight rise to hit their highest since 2007. The 10-year real rate breached 2% in overnight trade. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%. China disappointed markets with smaller-than-expected interest rate cuts on Monday, though it has been resolute in defending its sliding currency. The euro , which rose slightly overnight, was firm at $1.0906, while the Antipodean currencies , were pinned near nine-month lows and looking vulnerable.
Persons: Issei Kato, Vishnu Varathan, Jerome Powell, reiteration, Varathan, Himani Sarkar Organizations: REUTERS, Rights, Treasury, Japan's Nikkei, Wall, Mizuho Bank, Federal, UST, BHP, Reuters, Brent, Benchmark, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Singapore, Australia, Korea, New Zealand, CHINA, Hong Kong
Dollar gains intact as China disappoints, traders eye Jackson Hole
  + stars: | 2023-08-21 | by ( ) www.cnbc.com   time to read: +3 min
The yuan slid to the weak side of 7.3 per dollar despite a firm fixing of its trading range by the central bank. The Antipodean currencies often function as a liquid proxy for the yuan owing to the region's exports to China. Like the yuan, the yen is also on intervention-watch, having fallen to levels around which authorities stepped in last year. The Swiss franc was just above a six-week low made last week at 0.8817 per dollar. "Two things that may come across are: decades of ultra-low rates backed by ultra-low inflation may be over," said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.
Persons: Jackson, Sterling, Jerome Powell, Vishnu Varathan Organizations: Federal, Treasury, New Zealand, Australian, Commonwealth Bank of Australia, Swiss, Mizuho Bank Locations: China, London, New York, Wyoming, Singapore
Dollar retreats from 2-month high, yuan turns higher
  + stars: | 2023-08-21 | by ( Samuel Indyk | ) www.reuters.com   time to read: +4 min
The dollar index , which measures the currency against six other majors, was last down 0.2% at 103.18, but still close to Friday's two-month high of 103.68. Ten-year yields rose 14 basis points last week and touched a 10-month high of 4.328%, within a whisker of a 15-year high. The offshore yuan had fallen to the weak side of 7.3 per dollar before firming after Reuters reported that state-owned Chinese banks were seen actively mopping up offshore yuan liquidity, a move that raised the cost of shorting the currency. China's currency reversed course in the offshore market and was last up 0.2% to 7.2909 per dollar. Sterling rose slightly to $1.2756 and the Swiss franc was just above a six-week low hit last week at 0.8793 per dollar.
Persons: Dado Ruvic, Jackson, Michael Brown, I'm, Brown, Jerome Powell, Vishnu Varathan, Adam Cole, Sterling, Samuel Indyk, Tom Westbrook, Kirsten Donovan, Mark Potter Organizations: REUTERS, Federal, Trader, Wall, Treasury, Mizuho Bank, New Zealand, Authorities, RBC Capital Markets, Reuters, Swiss, Thomson Locations: Europe, Wyoming, Singapore, China, London
China surprises with modest rate cut amid growing yuan risks
  + stars: | 2023-08-21 | by ( ) www.reuters.com   time to read: +4 min
The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.45% from 3.55% previously, while the five-year LPR was left at 4.20%. The 10 bp cut in the one-year rate was smaller than the 15 bp cut expected by most poll respondents. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The reduction in the one-year LPR came after the People's Bank of China (PBOC) unexpectedly lowered its medium-term policy rate last week. Cheung added that the unexpected rate outcome should be "negative to China growth outlook and the yuan exchange rate".
Persons: Tingshu Wang, LPR, Masayuki Kichikawa, Ken Cheung, Cheung, Winni Zhou, Tom Westbrook, Kevin Buckland, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Sumitomo Mitsui DS Asset Management, Mizuho Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, Shanghai
The yuan midpoint is a reference point for trading, and caps the range between +2% and -2%. Stock Chart Icon Stock chart iconFriday's move comes after the onshore yuan fell to a 16-year low against the greenback on Wednesday, trading at 7.2981. The onshore yuan strengthened 0.1% against the greenback at 7.2836 on Friday, and the offshore yuan weakened marginally to 7.3057. The onshore yuan is traded on the mainland and referred to as the CNY, while the offshore yuan — traded in markets like Hong Kong and Singapore — is referred to as the CNH. It vowed to "maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and resolutely prevent the risk of exchange rate overshoot."
Persons: Vishnu Varathan Organizations: Nurphoto, People's Bank of, U.S, Reuters, Mizuho Bank Locations: Fuyang city, East China's Anhui, People's Bank of China, Hong Kong, Singapore, Asia, Oceania
Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File PhotoSHANGHAI/SINGAPORE, Aug 15 (Reuters) - China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery. Analysts said the move opened the door to a potential cut in China's lending benchmark loan prime rate (LPR) next week. In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. The PBOC lowered key policy rates in June to prop up the broad economy, but data has been increasingly weak since.
Persons: Tingshu Wang, Tommy Wu, Ken Cheung, Winni Zhou, Rae Wee, Kim Coghill, Jamie Freed Organizations: People's Bank of China, REUTERS, Mizuho Bank, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States
A citizen walks past the Hangzhou Central branch of the People's Bank of China in Hangzhou, east China's Zhejiang province, June 13, 2023. China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery. Analysts said the move opened the door to a potential cut in China's lending benchmark loan prime rate (LPR) next week. In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. The PBOC lowered key policy rates in June to prop up the broad economy, but data has been increasingly weak since.
Persons: Tommy Wu, Ken Cheung Organizations: People's Bank of China, Mizuho Bank Locations: Hangzhou Central, Hangzhou, Zhejiang province, China's, China, United States
Hong Kong CNN —China’s exports suffered their biggest drop in more than three years in July as global demand slowed, adding further pressure on Beijing to find ways to reinvigorate the world’s second largest economy. For the first seven months of the year, China’s exports decreased 5% from a year earlier. But since last October, those shipments have shrunk as surging inflation and rising interest rates dampen global demand. Weakening exports deal a fresh blow to the Chinese economy, which lost momentum recently after a strong start to the year. The weak trade figures and lower yuan fixing triggered a drop in the Chinese currency in foreign exchange markets.
Persons: , Justin Sullivan, Ken Cheung Organizations: Hong Kong CNN —, Capital Economics, Port, Getty, Exports, Analysts, People’s Bank of China, Mizuho Bank, Locations: Hong Kong, Beijing, United States, Port of Oakland, Oakland , California, China
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Data out on Wednesday showing U.S. private payrolls rose more than expected in July boosted the greenback, as the figures pointed to continued labour market resilience which is likely to keep U.S. rates higher for longer. That sent the dollar index to its highest since July 7 in the previous session. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes." The yen edged marginally higher to 143.31 per dollar, though languished near an over three-week low of 143.545 hit earlier in the week.
Persons: Dado Ruvic, shrugging, Treasuries, Vishnu Varathan, nonfarm, Fitch, Tina Teng, Karen Fishman, Goldman Sachs, Rae Wee, Shri Navaratnam Organizations: REUTERS, Treasury, U.S ., Mizuho Bank, White, New, CMC Markets, U.S, Bank, Bank of Japan, Thomson Locations: SINGAPORE, Asia, U.S, Wall, New Zealand
Data out on Wednesday showing U.S. private payrolls rose more than expected in July boosted the greenback, as the figures pointed to continued labor market resilience which is likely to keep U.S. rates higher for longer. That sent the dollar index to its highest since July 7 in the previous session. The risk-off sentiment also hurt the risk-sensitive Australian and New Zealand dollars, which had each tumbled more than 1% on Wednesday. "The U.S. dollar actually strengthened against most other currencies (and) there were risk-aversion trades across all the asset classes." The yen edged marginally higher to 143.31 per dollar, though languished near an over three-week low of 143.545 hit earlier in the week.
Persons: shrugging, Treasuries, Vishnu Varathan, nonfarm, Fitch, Tina Teng, Karen Fishman, Goldman Sachs Organizations: Treasury, U.S ., Mizuho Bank, White, New, CMC Markets, U.S, Bank, Bank of Japan Locations: Asia, U.S, Wall, New Zealand
One source said regulators were emphatic banks should hold off dollar purchases under their proprietary trading accounts due to the "recent yuan depreciation". "The yuan exchange rate expectations are stable, and the foreign exchange market has the foundation to meet authentic and compliant FX needs," SAFE said in response to a Reuters query. Keeping non-urgent dollar demand at bay could relieve some of the immediate pressure on the yuan, the sources said. But that excitement soon faded, as domestic and foreign investors said they would wait for substantive action before putting more money into China. There was also a seasonal factor too, as overseas-listed Chinese companies usually need more foreign exchange in the summer to pay dividends to shareholders.
Persons: China's, Ken Cheung, Alvin Tan, Tan, Goldman Sachs, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S ., People's Bank of China, State Administration of Foreign Exchange, Reuters, Mizuho Bank, Asia FX, RBC Capital Markets, Goldman, Overseas, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Asia, China, Shanghai, Beijing
Hong Kong CNN —China has a new central bank governor. He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure. He was previously a deputy governor of the PBOC and has served as head of China’s foreign exchange regulator since 2016, managing currency reserves worth $3.18 trillion. In China’s political system, the Communist Party boss is usually the top official in the relevant organization, be it a level of government or a public institution. In March, Beijing created a powerful financial watchdog run by the Communist Party, named the Central Financial Commission, as part of a broad reform of governing bodies to strengthen the party’s oversight of economic affairs.
Persons: Pan Gongsheng, Yi Gang, Zhou Xiaochuan, Xi Jinping, Xi, , Ken Cheung, Zhou Organizations: Hong Kong CNN, People’s Bank of China, Communist Party, Renmin University of China, Cambridge University, Harvard University, Xinhua, Mizuho Bank, Central Financial Commission, Financial Regulatory Locations: Hong Kong, China, Beijing
NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."
Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore
Aussie surges after strong jobs data; China's yuan jumps
  + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com   time to read: +4 min
"Ultimately, it's another strong set of employment figures which keeps the pressure on a data-dependant (Reserve Bank of Australia) to potentially hike rates in August." The offshore yuan last bought 7.1901 per dollar, while the onshore yuan strengthened past 7.18 per dollar to a session-high of 7.1620. RATES OUTLOOKIn the broader currency market, sterling was nursing deep losses after a sharp fall in the previous session following Britain's inflation data, which undershot market expectations. "The market I think is a bit more reasonable now with its expectations for rate hikes by the BoE. "We thought (the fall) was too strong, so it looks like the dollar has regained some of those losses," said CBA's Capurso.
Persons: David Gray, Matt Simpson, it's, Ken Cheung, BoE, Joseph Capurso, Yannis Stournaras, CBA's Capurso, Rae Wee, Sam Holmes, Jamie Freed Organizations: REUTERS, Australian, New Zealand, Bank of Australia, prudential, U.S ., People's Bank of, Mizuho Bank, Bank of England, Traders, Commonwealth Bank of Australia, Central Bank, U.S, Thomson Locations: Sydney, Australia, SINGAPORE, China, Asia
"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.
Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China
China's youth unemployment rate hit a new high, and its GDP grew by 6.3% in the second quarter. Analysts polled by Reuters expected China's economy to have grown by 7.3%. After an initial spurt, China's economy is struggling to recover from three years of COVID-19 restrictions. Economists polled by Reuters expected China's GDP to grow by 7.3% during the second quarter of the year. China's economy grew 3% in 2022 and Beijing has set a 5% GDP growth target this year.
Persons: Vishnu Varathan, Varathan Organizations: Reuters, Service, Privacy, Mizuho Bank Locations: Wall, Silicon, China, Beijing
China posted GDP growth of 6.3% in the second quarter of 2023, badly missing expectations. Even so, China is unlikely to unleash major stimulus measures to boost the economy because it's already in so much debt. And while the GDP did grow year-on-year, it bears noting that the comparison is with a low base from last year when China's economy was battered by on-off COVID-19 restrictions. "There are growing hopes for 'big bang' stimulus to fire up China's growth," Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a Monday note before China's second-quarter GDP release. The inherent risk with such high debt levels is that a default threatens a domino impact on the Chinese economy — and even the world.
Persons: Vishnu Varathan, China's, Liu Guoqiang, Zhu Min, Robert Carnell, ING's, Carnell, Nomura Organizations: Service, Reuters, Mizuho Bank, Bloomberg, International Monetary Fund, Asia Pacific Locations: China, Wall, Silicon, Beijing, Tianjin
Monetary stimulus would weigh on the Chinese yuan, analyst says
  + stars: | 2023-07-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMonetary stimulus would weigh on the Chinese yuan, analyst saysVishnu Varathan, Mizuho Bank's head of economics and strategy, says markets are leaning toward optimism when it comes to China tech and growth stocks, but the Chinese yuan remains "a lot more vulnerable to downside risks."
Persons: Vishnu Varathan, Mizuho Bank's Locations: China
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