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Egyptian pound at risk since yuan’s depreciation

The Egyptian pound is one of several currencies to suffer from China’s depreciation of its yuan on August 11, Bloomberg news has said in a report.
 
The website said China’s decision put developing nations competing with it in exports at a disadvantage.
 
“The country has limited investors’ access to foreign currencies amid a shortage since the 2011 Arab Spring protests. Traders are betting the pound will weaken about 22 percent in a year, according to 12-month non-deliverable forwards,” Bloomberg said commenting on the situation of the Egyptian pound following the depreciation conflux.
 

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