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Stocks Rise as PBOC Quells Panic on Yuan While Bonds, Gold Fall

Bloomberg business news

What's the End Game for China?

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Anxiety gave way to relief on global markets as China’s central bank eased concern that a shock currency devaluation would trigger broader financial turmoil.

Demand ebbed for haven assets from bonds to gold, while equities advanced in Europe and emerging markets after the People’s Bank of China signaled support for the yuan. U.S. stocks ended little changed after yesterday staging the biggest intraday reversal in three years. The dollar strengthened as labor and sales data bolstered optimism in the worlds’ largest economy.