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Yuan stabilises after central bank reassures markets

  • The Chinese yuan halted a three-day slide after the central bank soothed market sentiments, reversing short but sharp declines triggered by a foreign exchange (forex) policy change.

    On Friday, the central parity rate of the yuan strengthened by 35 basis points to 6.3975 against the US dollar, the first increase since the central bank adopted a more market-based forex rate formation mechanism on Tuesday. The yuan's spot exchange rate also remained stable at around 6.4 against the US dollar. (Source: IANS)