Analysts: Yuan's sharp declines only temporary

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Published on 12 Jul 2018, 11:00
China's yuan was fixed even lower on Thursday after being knocked down by new US tariff threats earlier this week. But analysts say the currency market is supported by strong economic fundamentals and the recent fluctuation doesn't reflect a long-term trend. Scotiabank forex strategist Qi Gao said the fixing was still about 100 pips stronger than market expectation, suggesting that the central bank has adopted the counter-cyclical factor to stabilize the market and calm investors.

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