SHANGHAI : Investors should avoid Chinese currency risk and adapt to higher foreign exchange volatility, three state financial newspapers in Shanghai and Beijing said in front-page commentaries on Tuesday after more than a week of strong gains by the yuan.The currency may have strengthened, but this year
SHANGHAI : Investors should avoid Chinese currency risk and adapt to higher foreign exchange volatility, three state financial newspapers in Shanghai and Beijing said in front-page commentaries on Tuesday after more than a week of strong gains by the yuan.
The yuan has strengthened 2.2 per cent against the dollar this year, hitting an almost five-month high on Tuesday and reversing much of 2022's annual loss, the biggest in 28 years. Optimism over economic recovery following the country's ending of pandemic controls in late November and early December has driven the currency.
That newspaper, from Beijing, and the two others urged investors to adopt risk neutrality in foreign exchange. The China Securities Journal of Beijing said improvements in China's economic expectations remained the most fundamental force in deciding the yuan's value.
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