Yuan Steadies as PBOC Holds Rates
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The offshore yuan steadied at around 6.96 per dollar after the People's Bank of China (PBOC) maintained lending rates at 3.0% and 3.5%, marking eight months of policy stability. This decision reflects Beijing's focus on targeted economic support rather than broad monetary easing, as economic momentum weakens. The yuan's strength has alleviated pressure on policymakers, allowing them to prioritize currency stability amidst global market fluctuations.
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