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Asia FX slips, Chinese yuan surges on reopening optimism
China’s yuan led gains across Asian currencies on Monday amid growing optimism over the scaling back of some strict anti-COVID measures, while most other Asian currencies fell as the dollar steadied on hawkish comments from Federal Reserve officials.
The yuan jumped 1% to 7.0375 against the dollar, its strongest level in nearly two months. The offshore yuan also rose 0.8%.