Yuan off 2-week high on weaker-than-expected fix and economic slowdown

China's yuan briefly touched a fresh two-week high against a weaker dollar on Thursday before giving back all the intraday gains, dragged lower by a softer-than-expected official midpoint fixing and heightened worries over an economic slowdown.
 

The Chinese port city of Tianjin reported more Covid-19 infections on Thursday as it stepped up efforts to rein in an outbreak that has spread the highly transmissible Omicron variant to another Chinese city.
 

Omicron has brought fresh challenges to China's strategy to quickly extinguish local outbreaks, and there are concerns that tough measures taken could end up hampering the economy.
 

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