Despite efforts by China’s central bank to push the yuan to record-high levels against the US dollar, the Chinese currency ended lower Thursday due to banks buying up dollars to meet new regulations, The Wall Street Journal reported. The dollar was at 6.1344 yuan as of 8:30 am Greenwich Mean Time (GMT) Friday last week, and closed at 6.1335 yuan, leading into a three-day holiday starting Monday when markets were closed. The dollar rose against the yuan as Chinese banks bought dollars to meet new net open position limits set by the country’s foreign exchange regulator.
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