China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

Follow-ups -eshrag News:

Wed, 2022-08-10 12:40

RIYADH: The yuan eased on Wednesday, weighed down by signs that China’s COVID-19-hit economy is struggling to regain momentum and by lingering concerns over heightened Sino-US tensions over Taiwan.

The currency’s losses were limited, however, by caution ahead of US inflation data later in the global day, which could provide hints to the Federal Reserve’s plans for future monetary tightening and the direction of the dollar.  

The People’s Bank of China set the midpoint rate at 6.7612 per dollar prior to the market open, weaker than the previous fix of 6.7584. 

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Business & Economy

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