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offshore yuanCNBC
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86% Informative
The "offshore" yuan traded in Hong Kong surged Monday against the U.S. dollar to its strongest level for 2024 — below 7.1 — before weakening slightly to around 7.18 as of Wednesday afternoon .
Many trade companies, especially smaller ones, have "preferring not to take orders rather than take loss-making orders,'" Winnie Wang , president of the Shenzhen Cross-Border E-Commerce Association , said Tuesday in Chinese .
China 's foreign exchange regulator has published guides on how businesses can mitigate such risks.
Official data claim explosive growth in the industry, with more than 120,000 cross-border e-commerce entities in China as of June .
Online international commerce grew by 10.5% year-on-year in the first half of the year to account for nearly 5.8% of total trade.
Small businesses have entered the industry to sell on TikTok , Amazon.com or platforms run by Alibaba .
VR Score
92
Informative language
95
Neutral language
62
Article tone
formal
Language
English
Language complexity
61
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Attention-grabbing headline
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Known propaganda techniques
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Time-value
short-lived
External references
1
Source diversity
1
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