Offshore Yuan Pares Loss on Bets PBOC Intervened as Stocks Fell
- Shanghai Composite Index slides to lowest since December 2014
- Yuan confidence still fragile after investors shaken: Goldman
China Is Trying to Control Renminbi Shockwaves: Rabobank
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The offshore yuan rebounded in Hong Kong, stoking speculation that China’s central bank propped up the currency after equities plunged to a 13-month low.
The exchange rate erased a 0.16 percent loss in 15 minutes after its discount to the onshore currency widened to 0.6 percent. Major Chinese banks were seen selling dollars in the afternoon, according to traders who asked not to be named. The Shanghai Composite Index of equities slumped as much as 6.6 percent on renewed concern that capital outflows will accelerate as the economy slows.