Dollar loses shine, yuan jumps after China modifies COVID protocol

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Reuters UK

By Rae Wee SINGAPORE (Reuters) – The dollar languished on Friday after a sharp sell-off overnight when U.S. inflation data came in cooler than expected, raising market hopes of a peak in consumer prices that could temper the Federal Reserve’s aggressive monetary tightening campaign. The yuan also jumped in afternoon Asian trade after Chinese health authorities eased some of the country’s heavy COVID-19 curbs, including shortening quarantine times for close contacts of cases and inbound travellers. The onshore yuan rallied more than 1% following the news, while the offshore yuan touched a high …

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