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HomeForex NewsOnshore Yuan (CNY USD) Falls to Four-Month Low After Key Level Breached

Onshore Yuan (CNY USD) Falls to Four-Month Low After Key Level Breached

China’s tentative loosening of its vise-like grip on the yuan unleashed a slide in the currency and pulled down its Asian peers along the way.

The onshore yuan dropped the most in more than two months after the authorities set a weaker-than-expected daily fixing, fueling speculation they would tolerate further losses. The decline took the currency to within 0.2% of the end of its allowed daily trading band of plus or minus 2% from the fixing.

www.bloomberg.com

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