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The 'basket' however, i.e. the CNY weighted against major trading partners, hit 103.5, which was its highest since August of 2015.
There has really be no let up in yuan appreciation despite official remarks about it stabilising. A stronger yuan will weigh on Chinese exports, but with the external sector is better shape than the domestic a higher currency gives the People's Bank of China some protection against inflation and allows them to hold the line on further easing policies.