SHANGHAI: The Chinese yuan retreated from a 27-month high on Thursday as a weaker-than-expected official fixing and the approval of fresh outbound investment quotas suggested authorities have become increasingly wary over the recent rapid gains in the currency.
The onshore yuan has rallied more than 6% on the dollar since late May, stoking market speculation that Beijing would roll out policy measures soon to tamp down the surge as a too-strong currency could hurt Chinese exporters.
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