Diabytes
China's Yuan News
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China`s yuan eased on Thursday but posted its biggest monthly gain at the month-end, in percentage terms, since the Chinese currency was revalued and taken off a fixed dollar peg in 2005.
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Oil fell below $33 a barrel on Thursday for the first time since April 2004 as a fall in Chinese shares rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.
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The NSE Nifty felt the heat too as it cracked below the 7,600-mark as selling picked up across sectors.
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The Special Drawing Right has been the International Monetary Fund`s "artificial currency" since 1969, used notably to calculate the interest rates it charges on loans to member states.
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In China's spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.
China`s vast and regular trade surpluses have seen it accumulate the world`s largest foreign exchange reserves, which stood at $3.73 trillion at the end of March.
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