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China's Yuan Languishes in Longest Losing Streak on Record
China’s yuan is poised for its longest losing streak on record. It’s on track for 11 straight sessions of decline, which would be its most prolonged slump according to China Foreign Exchange Trade System data that goes back as far as 2007. This comes after the central bank has set its daily reference rate at a stronger than expected level for seven straight days, a sign that the People’s Bank of China is growing uncomfortable with the yuan’s descent. Despite the PBOC’s efforts, bearish sentiment is prevailing in the wake of China and the U.S. exchanging escalated tariff threats. On Thursday the currency slipped ... (full story)