The Yuan Is Asia’s Weakest Currency
- Shanghai Composite Index reverses loss in afternoon trading
- China September export growth beats forecasts, imports robust
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The yuan fell after the People’s Bank of China set the daily reference rate weaker than expected, while stocks rebounded following their biggest sell-off in eight months as Chinese trade data beat estimates.
The yuan slid as much as 0.53 percent to 6.9250 per dollar after the central bank weakened the fixing for a ninth session. The offshore rate also fell. The Hang Seng Index rose 2.1 percent in Hong Kong, with Tencent Holdings Ltd. posting its biggest gain since 2015 after sliding for a record 10 days. Shanghai’s benchmark reversed morning losses to close 0.9 percent higher.