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Safe-haven yen takes a hit as hopes for China stimulus grow
The Japanese yen traded near a nine-month low versus the dollar on Thursday as risk appetite improved on expectations that China will continue to take steps to offset the economic impact of the coronavirus outbreak. The Chinese yuan held steady against the dollar in offshore trade before a widely expected cut in the country’s benchmark loan prime rate later on Thursday. The yen was initially bought as a safe-haven asset when the outbreak of the virus in the central Chinese province of Hubei roiled financial markets last month. However, yen buying is starting to fade as growth in the number of new cases of the virus ... (full story)
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