China’s Yuan Gains on Speculation PBOC Intervened to Curb Drop
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China’s yuan rose on speculation the central bank intervened to support the currency after the International Monetary Fund said on Wednesday that it was delaying the expansion of its reserves basket.
The yuan closed 0.1 percent stronger at 6.3890 a dollar in Shanghai, according to China Foreign Exchange Trade System prices. It fell as much as 0.08 percent earlier. At least three major Chinese banks were seen selling dollars around midday, according to a trader.