SHANGHAI, Feb 19 (Reuters) – China’s yuan slipped against the dollar on Monday as investors returned from the week-long Lunar New Year break and caught up with a strong U.S. currency, but losses were limited by signs of encouraging holiday spending. The latest U.S. data showed inflation remained sticky in the world’s largest economy, pushing back market expectations for the start of interest rate cuts by the Federal Reserve to at least the middle of the year from March. The trajectory of the U.S. monetary policy affects the dollar and other major currencies, including the yuan, traders said. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate, around which the yuan is allowed to trade…
Published Date: 2024-02-19
Source: Daily Mail Online
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