China’s Yuan Rebounds After Nearing Weakest Level in a Decade
- At least one big Chinese bank sold dollars, three traders say
- The currency has fallen 9 percent over the past six months
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China’s yuan jumped Friday afternoon after sliding toward its weakest in a decade and close to a key level of 7 per dollar.
The currency, which was down throughout most of the Asian trading day, has fallen 9 percent in the past six months, pressured by China’s trade dispute with the U.S. and expectations of further easing by the central bank. That’s stoked renewed concern of capital outflows, with the yield spread between Chinese and U.S. government bonds near the tightest since April 2011.