SHANGHAI- China’s yuan strengthened on Monday as the dollar drifted lower on diminished expectations that rate rises by the US Federal Reserve would support further gains, and as investors bet on easing domestic COVID-19 lockdowns.
The Chinese currency nevertheless remains on track for its third consecutive monthly drop, which would be its longest such streak since the first half of 2019.
Even as the greenback has weakened from a 20-year high earlier this month, the yuan’s gains have been hobbled by coronavirus lockdowns disrupting factory activity and paralyzing the country’s financial center, Shanghai.
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