China’s Stocks Rise to Three-Week High as Yuan Losses Slow
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China’s stocks rose for the first time in three days as declines for the yuan eased after the central bank signaled support for the currency.
The Shanghai Composite Index climbed 1.8 percent to 3,954.56 at the close, led by technology and power companies. The onshore yuan weakened 0.2 percent, after a two-day loss of 2.8 percent spurred by Tuesday’s surprise devaluation. There’s no basis for depreciation to persist and the currency’s adjustment after the fixing method change is “basically already completed,” Assistant Governor Zhang Xiaohui, PBOC Assistant Governor Zhang Xiaohui said Thursday at a briefing in Beijing.