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China halts run of yuan fixing cuts that rattled global markets

More volatility seen in China as govt tries to shift away from a planned economy to one driven by market forces

The central bank of China has weakened its daily fixing of the yuan by 2.6 per cent since winning entry into the IMF's reserves basket on Nov 30.


CHINA ended an eight-day run of reductions to the yuan's reference rate that sent shockwaves through financial markets and escalated fears of a global currency war.

The People's Bank of China (PBOC) set the daily fixing, which restricts onshore moves to a maximum 2 per cent