Offshore Yuan Approaches 33-Month High
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The offshore yuan rose to approximately 6.95 per dollar, nearing a 33-month high, following strong manufacturing PMI data that indicated China's factory activity expanded to 50.3 in January. This increase was attributed to faster production and shipment preparations ahead of the Lunar New Year. Despite positive signs for the economy, deflation risks persist. Strong foreign exchange settlement demand and the central bank's guidance also supported the yuan. Markets are now looking forward to upcoming private PMI and inflation data.
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