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Yuan Halts Seven-Day Losing Streak as PBOC Raises Reference Rate

  • China backs currency even as it eases monetary policy: ANZ
  • Offshore yuan reverses early loss after central bank fixing
Updated on

China’s yuan advanced for the first time in eight days, with a stronger central bank reference rate easing pressure spurred by Monday’s cut to lenders’ reserve ratios.

The currency climbed 0.1 percent to 6.5475 a dollar as of 4:44 p.m. in Shanghai, according to China Foreign Exchange Trade System prices. The offshore yuan traded in Hong Kong reversed an early loss and gained 0.06 percent after the People’s Bank of China raised its reference rate by 0.1 percent to 6.5385.