Yuan creeps higher as dollar wobbles ahead of Jackson Hole
SINGAPORE - The yuan gained on Monday along with other Asian currencies as investors wagered that U.S. rate cuts will begin within a month, implying an end to a long rally in the dollar.
At the same time a massive shakeout of short bets against the Japanese yen has also dragged on the dollar. The yuan"is unlikely to benefit much from a decline in the USD driven by an improving global economy," they added.
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