Yuan Trails Asian Peers as China Seen Favoring Weakness: ChartBy and
The yuan is missing out on a post-Brexit recovery among Asian currencies, a sign that China favors a weakening of its exchange rate to help local exporters compete. The central bank has lowered the yuan’s daily reference rate by 1.4 percent since Britain voted to leave the European Union, helping push the onshore currency to a five-year low. The monetary authority’s tendency of allowing faster yuan depreciation after the Brexit vote creates capital outflow pressures, Bank of America Corp. analysts wrote in a July 4 note.
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