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Yuan eases as dollar rebounds after Fed minutes and cryptocurrency...

Lida Hutcheon 0 93
Several currency traders said state-run banks appeared to be buying dollars earlier this week to prevent the yuan from breaching that level too quickly. "Official goals for reining in credit have already been achieved by other means. As such, we do not expect any changes to policy rates in the coming months," said Julian Evans-Pritchard, senior China economist at Capital Economics. Zhou Chengjun, head of the financial research institute of the PBOC, recommended that China should free up the yuan exchange rate over time to support wider global adoption of the currency, but his comments had little impact on the market.

Separately, China kept its benchmark lending rate for corporate and household loans unchanged for the 13th straight month at its May fixing on Thursday, in line with expectations. 'These hostilities have resulted in the tragic deaths of so many civilians, including children. I send my sincere condolences to all the families, Israeli and Palestinian, who have lost loved ones,' he said. LONDON, May 24 (Reuters) - Tycoon Sanjeev Gupta's Liberty Steel Group said on Monday it would sell several UK assets and was holding talks with Credit Suisse about a standstill deal for its Australian unit after the collapse of Liberty's key lender Greensill Capital.

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That sentiment was reinforced by Beijing's warning on Tuesday against speculative crypto trading, and its decision to ban financial institutions and payment companies from providing services related to cryptocurrency transactions.

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