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In a published note, Lynn Song, Chief Economist for Greater China at ING, wrote that today’s policy package is expected to weaken the yuan slightly, with the USD-CNY exchange rate rising in response to the PBoC’s easing measures. However, medium-term factors like interest rate spreads suggest a gradual appreciation trend for the CNY.
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BTC Little Changed as China Announces Stimulus; Traders Say Harris’ Win Unlikely to be Bearish
