Friday, 30 December 2016

China's yuan set to have biggest annual loss since 1994

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China's yuan firmed against the dollar on Friday after the central bank fixed a much stronger midpoint, but the currency is on course to be the worst performing major Asian currency this year and have its biggest annual loss since 1994. The yuan, which has reached an 8-1/2 year low, was on track to lose nearly 7 percent against the dollar in 2016. In 2016, the yuan has been pressured by worries about slowing Chinese economic growth and more recently by a resurgent US dollar, which has spurred capital outflows from many emerging markets. Many market watchers expect the yuan to recoil further next year if President-elect Donald Trump's policies stoke stronger US economic growth and higher interest rates.

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