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Yuan holds near 3-1/2-year high against dollar as rate bets ease
SHANGHAI: China’s yuan hovered near a 3-1/2-year against the dollar on Monday, as reduced expectations of an October US rate hike lent support, while simmering trade tensions could cloud the outlook. The yuan’s appreciation is also being tamed by China’s widening yield gap with the US, while jitters over Europe’s debt problems bolster the safe-haven greenback. In addition to expected Federal Reserve rate hikes, “the dollar strength now gets another leg of support from a weaker euro,” Huatai Futures analyst Cai Shaoli said. “If the dollar remains strong…the yuan will be under pressure.” On Mond...
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