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China's yuan inches higher as midpoint rate firmer despite US rate hike
HONG KONG: China’s yuan rose slightly against the US dollar on Thursday as the central bank lifted the midpoint fixing to another 3-1/2-month high despite a jump in the greenback after the Federal Reserve raised interest rates. The dollar clung to a seven-week high on Thursday after the Fed raised interest rates by a quarter overnight and flagged more hikes in coming months. Shrugging off the dollar rally, prior to the market opening, the People’s Bank of China set the midpoint rate at 6.7580 per dollar, its strongest since February 3, 2023 and 339 pips weaker than a Reuters’ estimate. The spo...
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