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29 November 2022 | Other

Hopes for COVID policy easing support yuan

USDCNY

On Tuesday, the yuan rose ahead of a COVD-19 press briefing, which will be held in China later this day. The U.S. dollar, which previously grew amid the country’s unrest, now, on the contrary, declined slightly.

After a wave of protests in China, many expect the easing of its strict pandemic policy. Alvin Tan, head of Asia FX strategy at RBC Capital Markets, outlined that people are excited and hopeful about loosening restrictions.

Briefing will start at 07:00 GMT today, on November 29. Representatives of the National Health Commission of China, as well as two other medical organizations for disease control and prevention, will speak to the press.

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