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Rumors of sharp drop in China’s yuan swirl on social media

From cnbc.com

Rumors swirled on social media on Tuesday that China's currency dropped sharply in overnight trade, but the purported move may have been an isolated hiccup from some providers. Some currency data providers were showing that the yuan tumbled, with the dollar fetching as much as 7.49 yuan in overnight trade. It wasn't clear if the data were indicating the offshore yuan or the onshore currency, but the onshore currency does not trade overnight. That would have been an 8.8 percent rise for the currency pair from the onshore close of 6.8830, according to Reuters data. China's central bank does not allow the currency to ... (full story)

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