China Stocks Stabilize With Yuan After Rout as Money Rates Drop
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Chinese stocks halted a four-day slide that sent valuations close to record lows, while the yuan was little changed after tumbling the most since 2010 yesterday.
The Shanghai Composite Index rose 0.4 percent to 2,041.25 at the close, with China Petroleum & Chemical Corp. and Jiangxi Copper Co. spearheading a rally for energy and metal producers. Benchmark money-market rates fell to a seven-month low as central bank efforts to weaken the yuan boosted the supply of cash in the financial system. The Chinese currency advanced 0.04 percent to 6.1239 per dollar.