SHANGHAI: China’s yuan recouped early losses to close domestic session at a one-week high against the dollar on Tuesday, as Beijing’s decision to ease quarantine requirements for travellers boosted investor sentiment.
China on Tuesday slashed the quarantine time for inbound travellers by half in a major easing of one of the world’s strictest COVID-19 curbs, which have deterred travel in and out of the country since 2020.
Quarantine time at centralised facilities has been cut to seven days from 14, and subsequent at-home health monitoring has been reduced to three days from seven, the National Health Commission said.
The onshore yuan recouped early losses and finished the domestic trading session at 6.6876 per dollar, 64 pips firmer than the previous late night session, and was the strongest such close since June 20.
Prior to the market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.693 per dollar, 80 pips weaker than the previous fix of 6.685.