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China’s currency plunges, signaling tumbling economy

Posted on 03 March 2014

The renminbi skidded in intraday trading on Friday but managed to recover to close at 6.1450 to the dollar, down 0.27% for the day. That resulted in losses of 0.9% for the week and 1.4% for the month, both records. The yuan, as the currency is informally known, is now at its lowest level in about ten months.
As Reuters reported, government intervention on Friday reached a “frenzied pitch.” The People’s Bank of China , the central bank, has been on a tear for a week and a half, driving down the currency by setting low daily reference rates—prices cannot vary more than 1% from the bank’s morning fixing—and by instructing its agents to buy greenbacks………………………………………..Full Article: Source


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