Chinese Yuan Slides, Stock Futures Whipsaw After Debt Swap Plan
The yuan declined while Chinese stock futures whipsawed after authorities announced a total 10 trillion yuan ($1.4 trillion) program to refinance local government debt, signaling investors weren’t impressed with the latest attempt to support the economy. The yuan sank as much as 0.6% in offshore trading, pulling its Asian peers such as the Australian and New Zealand dollars weaker.
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The rate, which didn’t carry a clear strengthening bias, signals authorities are bracing for further yuan weakness in case ...
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