China's Yuan Pares Loss at Key Level as Local Bank Seen Buying
- Currency holds on to 6.6 per dollar after rapid decline
- Poor economic data, trade war concerns have weighed on yuan
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China’s currency seems to have found a floor at 6.6 per dollar after its rapid descent sparked fears that the government was engaged in a competitive depreciation.
The yuan trimmed declines of as much as 0.6 percent to trade 0.2 percent lower at 6.5924 at 1:55 p.m. in Shanghai. At least one major Chinese bank sold the dollar in the onshore market to keep the yuan stronger than 6.6, according to two traders.