The offshore yuan edged higher to around 7.16 per dollar on Monday, extending gains from the previous session to its highest level in four weeks, boosted by optimism over the US Federal Reserve’s dovish stance. The greenback came under pressure after Fed Chair Jerome Powell suggested at the Jackson Hole symposium that a rate cut at the September 17 meeting is possible, citing rising risks to employment. Domestically, China’s State Council is considering a roadmap to enhance the international use of the yuan, including the potential introduction of yuan-backed stablecoins to boost global adoption and challenge the dominance of US dollar-backed stablecoins. The yuan was further supported by the central bank’s CNY 600 billion injection into the banking system, ensuring ample liquidity and signaling a more accommodative monetary stance. Markets now look ahead to the upcoming PMI figures for insights into the county’s economic momentum.
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