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Asian central banks push back, sending dollar bears a warning
By Katherine Greifeld, Robert Fullem, and Liz McCormick
Tuesday, January 9, 2018
Dollar bears take heed: Asian central banks may be putting the brakes on the greenback's slide.
After working for three years to staunch the yuan's slump, China is now moving to combat the opposite problem. The People's Bank of China has stopped using a component of its daily fixing formula that had been widely interpreted as a tool to support the currency, people familiar with the matter said today. The yuan sank on the news.
Meanwhile, South Korea's government has started to warn about the ascent in the won, Asia's best-performing currency in 2017. And Taiwan's central bank also sought to curb gains in its dollar. ...
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