HONG KONG: China’s yuan edged up against the greenback on Wednesday, as traders shrugged off weak factory activity data and remained optimistic that the government would relax some of the strict measures used to pursue its zero-COVID strategy.
China’s national health officials said on Tuesday that authorities would respond to public’s “urgent concerns” and become more flexible in the implementation of anti-COVID restrictions.
The spot yuan at one point firmed to 7.1339 per dollar, its strongest in six days, after opening at 7.1585. It was changing hands at 7.1416 at midday, 159 pips stronger than the previous late session close and 0.49% below the midpoint. The People’s Bank of China set the midpoint rate at 7.1769 per dollar prior to market open, firmer than the previous fix 7.1989.
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