Yuan’s Sudden Retreat Erased as Traders Question Report on PBOC

Updated on
  • Offshore yuan falls as much as 0.7% before paring declines
  • Currency is poised for worst quarterly performance on record

The yuan touched its lowest level since January on a report that the People’s Bank of China is prepared to allow more currency weakness, before snapping back in less than an hour as traders questioned whether the central bank has shifted its policy stance.

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