Chinese yuan starts new year with sharp appreciation, PBOC relaxes rules on cross-border use of yuan under capital account

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Chinese yuan started the new year with a sharp strengthening against the US dollar despite Beijing's move to lower the weighting of the greenback in a currency basket amid broad dollar weakness. Beijing relaxed some restrictions on the cross-border use of the yuan under capital account as the currency strengthens.

Chinese onshore yuan surged by 679 pips against the US dollar to hit 6.4587 per US dollar at one point, the strongest level in the past one year. The offshore yuan firmed 504 pips to hit a 12-month high of 6.4362 per . . .

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