China's Yuan Below 7 Per Dollar as Zero-Covid Eased

China’s currency rose to its strongest level in two months – with the offshore yuan rising 0.8% to below 7 per dollar – on Monday, according to the Wall Street Journal, which said the greenback was trading around 6.95 by mid-afternoon in Hong Kong.

“It was the first time the yuan had gone below 7 against the US dollar since mid-September,” the report said, after the currency’s rapid appreciation, stemming from local government’s easing strict zero-Covid rules that have undermined the country’s economic growth and rising expectation that the US Federal Reserve will slow the pace of its interest rate hikes.