Yuan Drop Slows as PBOC Intervention Signals Managed Devaluation

August 13, 2015 3:01 AM

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Yuan declines eased after central bank intervention signaled to traders that China will control the pace of depreciation to limit capital outflows.

The onshore spot rate weakened 0.3 percent as of 10:43 a.m. in Shanghai, after a two-day loss of 2.8 percent following a devaluation on Tuesday. The freely traded offshore yuan rebounded 1.2 percent, after losing at least 2 percent on each of the last two days. There’s no basis for depreciation to p...

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