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China’s Yuan Rallies Off Recent Lows on Record Strong Fix Signal
The yuan climbed from a 16-year low as China started the week on the offense, sending another forceful signal with the reference rate for the managed currency and urging state banks to support it. The onshore yuan rose for the first time in seven sessions, after falling to its weakest since 2007 last week. The People’s Bank of China’s daily fixing was stronger-than-expected by a record margin and state-owned lenders were seen actively selling dollars, according to traders who asked not to be named. Monday’s fixing “underscores policymakers’ resolve to keep the yuan depreciation pressure in check,” said ... (full story)