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Yuan bounces from 5-month low after PBOC pledges to keep market stable
China’s yuan clambered off a five-month low against the dollar in early trade on Monday, after the central bank pledged to do its utmost to prevent large fluctuations in the local unit. Investors have refrained from aggressively testing new lows for the yuan after the central bank on Friday vowed to curb speculation and urged key participants to keep the market stable, traders said. More action might be taken to prevent yuan depreciation following the verbal warnings, they added. On Friday, major state-owned banks were seen swapping yuan for dollars in the onshore forwards market - a sign that authorities were ... (full story)