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The Economic Times

Business

Anupam Nagar

Global Market: Chinese yuan dips as dollar gains on Fed hike bets; Trump-Xi talks eyed

Donald Trump Xi Jinping United States US Federal Reserve China US Dollar

China’s yuan weakened against the US dollar on Thursday as expectations of a near-term Federal Reserve rate hike lifted the greenback, while investors awaited the outcome of US President Donald Trump’s meeting with Chinese President Xi Jinping in Washington.

The spot yuan was down 0.09% at 6.7171 per dollar as of 0224 GMT, after trading between 6.7141 and 6.7195. The People’s Bank of China set the yuan’s midpoint rate at 6.7489 per dollar before the market opened, 305 pips weaker than a Reuters estimate.

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