Thursday, August 13, 2015

Central Bank Intervenes As Yuan Floats Lower

The yuan is down for a third day in a row, and the central bank says it is taking action to stabilize the currency, starting with the formula by which the daily pricing range is set. The story at CNBC, from the Reuters report:

It is a touchy situation for the central bank, which wants to support the stock market with inflation and a downwardly revised currency, but would like to take away the sign of broad economic weakness that the currency decline implies.

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