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China Sends Warning Signal to Yuan Bears Before G20 Meeting
China’s central bank is making it clear to yuan bears that short-term declines are no sure thing, especially in the run up to a crucial meeting at the end of this month. The People’s Bank of China set its daily reference rate for the currency at a stronger-than-expected-level Tuesday, while also saying it plans to sell bonds in Hong Kong in June -- which would support the offshore rate. The moves came after the yuan neared a decade-low and President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn’t meet with him in Osaka at the Group of 20 summit. That helped the onshore yuan ... (full story)