China's yuan , firmed past the closely watched 7-per-dollar level on Monday, hitting its strongest since mid-September, as Beijing eased some of its strict COVID-19 curbs, potentially attracting fresh foreign inflows.
The Chinese currency was also bolstered by expectations of slower U.S. interest rate hikes, which knocked the dollar index to near five-month lows.
Potential "policy U-turns or worsening of the infections could be seen as opportunities to short" the currency, Maybank said in a note to clients. Last week, the yuan jumped about 1.6%, its biggest weekly gain since 2005 amid expectations authorities will continue to loosen strict COVID curbs. Morgan Stanley on Sunday upgraded China's equities to overweight, citing "multiple positive developments alongside a clear path set towards reopening."
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