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Chinese yuan sinks on mixed GDP, Asia FX rattled by recession fears.

Most Asian currencies fell on Tuesday amid renewed fears of a global recession this year, with the yuan among the worst performers as data showed Chinese economic growth was pummeled by COVID lockdowns in 2022.

The yuan fell 0.4% to 6.7611, coming off a near five-month high after data showed that the Chinese economy grew at a substantially slower pace in 2022 than the prior year. The trend was driven largely by on-and-off anti-COVID lockdowns.

But the economy grew at a better-than-expected pace during the fourth quarter, with industrial production and retail sales data for December also beating expectations as the country began pivoting away from its strict zero-COVID policy.

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