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China's state-owned banks trying to prop up currency as market rout deepens

The yuan fell to 6.7204 per dollar, its weakest since August 7, 2017, and the first time it dropped below 6.7 since August 9, 2017, before recovering to 6.6997 per dollar at 0325 GMT

Reuters  |  Shanghai 

China's yuan slipped past the 6.7 per dollar mark on Tuesday for the first time in almost a year, prompting what traders described as efforts by state-owned banks to prop up the currency as anxieties over US trade frictions deepened. Stocks also dived anew, dragged down by consumer and healthcare shares, as Beijing and Washington hurtled toward an end-of-week tariff deadline that has kept investors in China nervous. Chinese currency and equity markets have been on edge ahead of July 6, when US tariffs on $34 billion worth of Chinese goods kick in. Beijing has said it would ...

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First Published: Tue, July 03 2018. 12:52 IST
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