Offshore Yuan Rebounds Post-Holiday
The offshore yuan strengthened to approximately 7.13 per dollar on Thursday, recovering from previous losses as investors came back after China’s "Super Golden Week." This extended holiday period demonstrated strong consumer engagement and consistent economic momentum, underscoring the country's transition towards high-quality growth. Travel statistics were impressive, with an estimated 2.43 billion cross-regional passenger trips recorded, averaging 304 million journeys each day. On the trade side, China has amplified its restrictions on rare earth exports by imposing new limits on processing technology and prohibiting unauthorized international collaboration. The revised regulations clearly indicate that export licenses will likely be denied to defense contractors and specific semiconductor users. Furthermore, Chinese companies are now forbidden from participating in rare earth-related activities abroad without official authorization.
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