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Chinese yuan breaks critical levels, state banks may have intervened

The Chinese yuan broke through the key psychologically line of 6.9 yuan per dollar in the onshore market on Friday for the first time since last December amid escalating trade conflict with the United States.

The onshore yuan closed the day at 6.9188 per dollar, down over 0.5 per cent from the previous day, while the offshore yuan weakened to 6.95 per dollar at one point and closed at 6.9486 per USD.

For the whole week, the onshore yuan weakened nearly 1.6 per cent, ore 1070 pips and the offshore yuan depreciated 1.5 . . .

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