Yuan stands tall on China recovery, RBA weighs on Aussie

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The yuan held near a two-year high against the dollar in offshore trade on Tuesday, on signs of China's robust economic recovery while the Australian dollar slipped to a three-week low as the central bank looks set to enhance monetary easing.

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TOKYO - The yuan held near a two-year high against the dollar in offshore trade on Tuesday, on signs of China’s robust economic recovery while the Australian dollar slipped to a three-week low as the central bank looks set to enhance monetary easing.

China's offshore yuan rose as high as 6.6695 per dollar on Monday, surpassing its 2019 peak and hitting its strongest level since July 2018. It last stood flat at 6.6806The yuan’s gain came as data on Monday showing a recovery in China’s consumer sector helped boost not only the Chinese currency but others, including the euro.

“The minutes give a green light to further monetary policy easing by the RBA at its November Board meeting,” said CBA economist Belinda Allen.

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