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Slide of China's yuan had OK of policymakers, sources tell Reuters
By Keith Zhai and Zheng Li
Reuters
Monday, August 5, 2019
Chinese monetary authorities let the yuan slide past the key 7-per-dollar level so that markets could finally factor in concerns around the Sino-U.S. trade war and weakening economic growth, three people with knowledge of the discussions said today.
The yuan tumbled 1.4% and past 7-per-dollar level for the first time in more than a decade today, following two days of weaker-than-expected midpoint settings by the People’s Bank of China.
... Dispatch continues below ...
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... For the remainder of the announcement:
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Those fixings on Friday and today followed U.S. President Donald Trump's announcement that he will impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, abruptly breaking a brief month-long ceasefire in a long-running trade war.
"We have had serious internal discussions, including issues such as the timing of the announcement, how to guide the market, and made some arrangements on such issues," a policy source told Reuters.
"The regulators had a half-resisting, half-allowing idea for the yuan to fall past 7 to the dollar." ...
... For the remainder of the report:
https://www.reuters.com/article/us-china-markets-yuan-sources/china-yuan...
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