Mixed UK Inflation Data: Pound Rises, Yuan Hits 9-Month Low

The British pound saw its biggest one-day gain in almost two weeks after data revealed that core inflation in the UK remained strong in July, while the Chinese yuan hit a nine-month low due to concerns over a deepening growth slowdown. The pound rose by around 0.3% against the dollar, while the yuan fell to its lowest level since November. The Bank of England is expected to raise rates further in September to combat high inflation. Meanwhile, the New Zealand dollar rebounded after the Reserve Bank of New Zealand held its cash rate steady and pushed back the timing of expected rate cuts.