China yuan surges after central bank chief’s comments

February 15, 2016 9:46 AM

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China’s yuan currency surged more than one percent against the dollar on Monday, its biggest rise in over a decade, after the central bank chief said there was no reason the beleaguered unit should fall further.

The yuan stood at 6.4944 to $1.0 at 0830 GMT, up 1.14 percent from February 5 — the last trading day before a week-long holiday — according to the national foreign exchange market.

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