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Focus on China — Yuan calms down; resumption of exports and imports of the Asian giant in May; US-listed Chinese tech stocks rise

BEIJING (Reuters) – The Chinese yuan eased from a month-long high against the dollar on Tuesday, under pressure from strong greenback strength, as some investors gauged the pace of the economic recovery after Shanghai lifted its COVID-19 lockdown.

Ahead of the market open, the People’s Bank of China pegged the midpoint at 6.6649 per dollar, 42 pips higher than the previous corrective of 6.6691.

In the spot market, the onshore yuan eased from a monthly high of 6.6391 to the dollar hit on Monday and changed hands at 6.6650 midday, 106 pips lower than the previous end-of-session close. .

China’s May exports and imports recover as supply chains restart

Chinese exports are expected to have grown at a faster pace in May as factories reopened and supply chain disruptions eased after Shanghai began to emerge from a lockdown, while imports also probably increased, according to a Reuters poll.

The recovery adds to evidence that the world’s second-largest economy has begun to chart a course out of the supply-side shock that has rocked global trade and global markets.

Exports in May probably rose 8.0% from a year earlier, after expanding 3.9% in April, according to a median forecast from a Reuters poll of 28 economists.

Official data showed that the average daily container throughput at the Port of Shanghai rose 7% in May from the previous month.

Imports are expected to have risen 2% year-on-year in May, according to the survey, likely driven by imports of raw materials and intermediate goods as domestic production picks up. This compares to flat growth in April.

China’s trade surplus is expected to have widened to $58 billion from $51.12 billion in April.

Chinese tech ADRs rise as Didi probe ends

U.S.-listed Chinese tech stocks rose on Monday after a report that Chinese regulators are concluding an investigation into ride-hailing giant Didi Global raised expectations of an easing crackdown on the country’s internet sector.

China’s Cyberspace Administration concludes its cybersecurity investigation into Didi and two other companies, Full Truck Alliance Co. and Kanzhun Ltd., and will allow their mobile apps to return to Chinese app stores, The Wall Street Journal reported. .

That sent Didi shares up around 50% and boosted the broader US market, with the tech-heavy Nasdaq up 1.8% and the benchmark S&P 500 up 1. 3%.

Shares of Full Truck, known as the “Uber of trucks,” and online recruiter Kanzhun, owner of Zhipin.com, rose more than 20% each.

U.S.-listed shares of Chinese internet and e-commerce firms Alibaba Group, Baidu, JD.Com and Pinduoduo gained between 3.8% and 11.2% on Monday.

U.S. certificates of deposit for electric vehicle startups Li Auto, Nio and Xpeng rose 5.2% to 14%.

(Contributed by Reuters)

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