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Yuan Surges in Afternoon Trade Amid Talk PBOC Supported Currency

  • Offshore-onshore rate gap erased after widening on Monday
  • PBOC may be keen to keep yuan around 6.8 per dollar: Mizuho
Updated on

China’s yuan surged both onshore and overseas amid speculation of central bank intervention and a decline in the dollar.

The offshore currency jumped as much as 0.7 percent in a sudden afternoon spike, after spending much of the day little changed. The yuan traded in Shanghai’s onshore market climbed 0.5 percent to 6.8100. At least two big Chinese banks were seen selling dollars against the yuan onshore, according to two traders who asked that they not be identified.