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China Foreign Exchange Trade System, Shanghai, October 7, 2022. /CFP
The Chinese yuan weakened past 7 per dollar on Wednesday for the first time in five months.
The onshore renminbi eased to 7.0026 per dollar, before recording the weakest official closing level since early December. The offshore counterpart hit 7.0225 at 0915 GMT.
Chen Jiahe, chief investment officer at Novem Arcae Technologies, said it is quite normal for the renminbi exchange rate to fluctuate against the U.S. dollar.
And there is no risk of long-term depreciation of the renminbi at the current stage, he said.
Because the depreciation made the Chinese products cheaper to export, the export advantage will aid Chinese economic growth, consequently the renminbi will strengthen again, he explained.
The depreciation of the yuan did not have a significant impact on the market, he added, as Hong Kong's Hang Seng Index jumped 0.85% on Thursday.
(Reuters with edits)
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