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
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Beijing
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 on either side, at 6.5636 a dollar, 0.02 per cent stronger than the previous day's reference rate. It was cut 1.42 per cent over the last eight days.
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