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China’s central bank says it’s trying to stabilize yuan

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China is looking to improve policy for yuan-based cross-border services and the offshore market for the yuan while working hard to stabilize the currency, said central bank Deputy Governor Chen Yulu. Speculation has risen that the government is defying pledges of a more market-focused policy and defending the yuan around 6.7 to the US dollar in a bid to stem capital outflows.

Bloomberg (7/24)