On Tuesday, the offshore Chinese yuan soared more than 1% beyond 7.20 per dollar, rebounding dramatically from recent lows after China said it would increase public vaccination for its elderly. This step, health experts say, would be critical to reopening.
As protests erupted in major cities over the weekend, the country faced mounting pressure to dial back its restrict Covid_19 restrictions.
Reports that China’s securities regulator lifted a ban on equity refinancing for listed property firms in the latest move to support its ailing property sector also helped the Chinese Yuan.
In terms of monetary policy, the People’s Bank of China decreased the reserve requirement ratio by 25 basis points late last week after leaving its benchmark lending rates steady for the third month earlier in November.
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