Yuan Drop Slows as PBOC Intervention Signal Restores Calm
China’s Yuan Support Ends 2-Day Rout
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The yuan’s tumble eased as China’s central bank signaled support for the currency, calming investors after a shock devaluation on Tuesday rattled global markets.
The onshore spot rate pared declines in late trading to close 0.19 percent lower in Shanghai, following the steepest two-day drop since 1994. It was the second day in a row that at least one major Chinese bank sold dollars to influence the closing level, according to traders. The offshore yuan rebounded