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No basis for long-term depreciation of the yuan - China FX trading platform
October 10, 2016 / 3:37 AM / a year ago

No basis for long-term depreciation of the yuan - China FX trading platform

Beijing (Reuters) - There is no basis for long-term depreciation of the Chinese currency, the country’s FX trading platform operator said on Monday.

The yuan will be basically stable versus a basket of currencies in the medium- to long-term, the China Foreign Exchange Trade System (CFETS) said on its website.

Earlier on Monday, the onshore yuan sank to a six-year low after the central bank dropped the official midpoint to weaker than 6.70 to the dollar.

Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk

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