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China yuan weakness prompts support measures

T
he People's Bank of China set the mid-point rate for the yuan at 6.9508 per dollar Friday, the lowest since May 2008, as "heavy capital outflows and a hawkish Federal Reserve raise currency pressures in the world's second-largest economy that the government says are manageable." Meanwhile, a series of charts produced by The Wall Street Journal shows that costs to borrow the yuan outside of China throughout the year were unpredictable compared with the U.S. short-term borrowing rates.
6 months ago
Jiayun Feng
By Jiayun Feng
Jiayun is a Chinese native and was born in Shanghai, where she spent her first 20 years and earned a bachelor’s degree in journalism at Fudan University. Interested in writing for a global audience, she attended the NYU Graduate School of Journalism for its Global & Joint Program Studies, which allows her to pursue a journalistic career along with her interest in international relations. She has previously interned for Sixth Tone and Shanghai Daily.
China in 2 minutes a day
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