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China’s yuan hovers at nine-month low on widening US-China rate gap, property woes
China’s yuan eased to a nine-month low on Wednesday, as the widening gap between US and China interest rates fuelled concerns about more outflows from yuan assets, while a drop in China’s new home prices further weighed on sentiment. US retail sales jumped 0.7% in July, beating expectations, while data for June was revised higher. Resilient US data has boosted expectations that the Federal Reserve may hold interest rates higher for longer. The data came on the heels of China’s central bank’s unexpected move to cut policy rates on Tuesday, in the latest sign that authorities are ramping up efforts to boost the ... (full story)