- The Chinese yuan dropped to a 16-year low versus the dollar on Friday amid economic headwinds.
- The currency bounced Monday after China’s central bank moved to stabilize the currency.
- The PBOC’s intervention pushed the yuan 1% higher Monday morning, its biggest gain since March.
The Chinese yuan bounced away from its 16-year low on Monday as China’s central bank announced it would continue to support the embattled currency through its prolonged slump.
In a statement, the People’s Bank of China issued a stark warning to traders speculating against the note, which sent the yuan soaring 1% — its largest one-day gain since March.
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