China's Yuan Stabilizes After Rocky Morning, Stocks Rebound
- Currency had earlier slumped after PBOC weakened fixing
- Shanghai Composite posts first gain in week, led by financials
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China’s markets ended Friday on a stronger footing, with the yuan reversing an early slump spurred by the central bank’s move to weaken the daily currency fixing by the most since 2016.
The Chinese currency was little changed at 6.7790 per dollar at 5:36 p.m. in Shanghai after falling as much as 0.5 percent to mark a fresh one-year low. Dollar selling by a big Chinese bank helped stem the morning losses, traders said. Stocks also changed course, surging in the afternoon session after a report said regulators will loosen rules on the asset management industry.