The yuan jumped on Tuesday ahead of a COVID-19 press briefing in China later in the day that is spurring hopes of a potential easing in the country's strict pandemic restrictions following an unprecedented episode of unrest.
The offshore yuan was nearly 0.9% stronger at 7.1832 per dollar after a statement from the country's National Health Commission said its representatives and others from two agencies involved in disease control and prevention would speak at a COVID press briefing at 0700 GMT on Tuesday.
The U.S. dollar, which rallied in the previous session on mounting worries over China's COVID situation, pared some of its overnight gains and moved broadly lower. and it risked turning out even higher than currently expected, hinting at a series of interest rate hikes ahead.
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