China
BEIJING: China’s yuan surged both onshore and overseas amid speculation of central bank intervention and a decline in the dollar.
The offshore currency jumped as much as 0.7% in a sudden afternoon spike, after spending much of the day little changed. The yuan traded in Shanghai’s onshore market climbed 0.5% to 6.8100. At least two big Chinese banks were seen selling dollars against the yuan onshore, according to two traders who asked that they not be identified.
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