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PBOC supports yuan before Trump-Xi talks
The People's Bank of China USD/CNY has devalued the yuan to 6.7670 against the dollar, marking its highest level since December 2025. This move comes amid efforts to support the currency and reduce its volatility ahead of an anticipated summit between Presidents Trump and Xi Jinping on September 24. The measure aims to guide the yuan towards a gradual appreciation and to safeguard the stability of the financial market, with the bank continuing its slow and steady tightening approach until the summit, without significant changes in the trading of the local and foreign currencies.
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