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China Steps In to Support Yuan After Recent Weakness Offshore
China set its daily reference rate for the yuan at a stronger-than-expected level to slow its slide, as the managed currency weakened in the offshore market while there was a holiday on the mainland. The People’s Bank of China set the fixing at 7.2056 per dollar, 77 pips stronger than the average estimate in a Bloomberg survey with traders and analysts. The offshore yuan slid to the weakest since November on Friday, as the nation’s economic recovery slowed and its stimulus measures disappointed investors. The onshore markets will reopen after a two-day holiday. “It may mean a sign to partly stabilise the yuan, ... (full story)