Dollar rises broadly, yuan slumps as China’s COVID unrest rattles sentiment

“That’s a new layer of concern in China that needs to be watched closely,” said Rodrigo Catril, a currency strategist at National Australia Bank , of the protests.

In an attempt to bolster China’s slowing economy – which has struggled under its stringent COVID restrictions – the nation’s central bank said on Friday that it would cut the reserve requirement ratio for banks by 25 basis points , effective from Dec. 5. “Companies are currently facing weaker retail sales from a higher number of COVID cases and falling home prices from unfinished home projects.”The Japanese yen edged about 0.1 percent lower to 139.27 per dollar.The latest developments in China have put a pause on the U.S. dollar’s decline, which had been softening over the past few weeks on hopes that the Federal Reserve would soon slow its pace of rate hikes – a view that was supported by the Fed’s November meeting minutes released last week.

Overall, however, it remains on track for a monthly decline of nearly 5 percent, the largest in 12 years as investors latched on to the signs of a turn in the Fed’s hawkish policy stance.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China reports third consecutive daily record for new COVID-19 casesMega-cities continue to struggle to contain outbreaks, with the southern Chinese city of Guangzhou and southwestern Chongqing recording the bulk of new cases.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

China reports third consecutive daily record for new COVID casesBEIJING — China reported 35,183 new COVID-19 infections on Nov. 25, of which 3,474 were symptomatic and 31,709 were asymptomatic, the National Health Commission said on Saturday, setting a new
Source: inquirerdotnet - 🏆 3. / 86 Read more »

China reports third consecutive daily record for new COVID casesMega-cities continue to struggle to contain outbreaks, with Chongqing and Guangzhou recording the bulk of new cases.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Shanghai hit by COVID-19 protests as anger spreads across China(1st UPDATE) In Shanghai, residents gathered for a candlelight vigil that turns into a protest
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Protests across China as anger mounts over zero-COVID policyHundreds of people took to the streets in Beijing and Shanghai on Sunday to protest against China&39;s zero-COVID policy in a rare outpouring of public anger against the state. another TIANANMEN SQUARE coming soon
Source: gmanews - 🏆 11. / 68 Read more »

Protests across China as anger mounts over zero-Covid policyHundreds of people took to the streets in China’s major cities on Sunday to protest against the country’s zero-Covid policy, in a rare outpouring of public anger against the state.
Source: manilabulletin - 🏆 25. / 51 Read more »