China’s renminbi fell as low as 6.2466 to the US dollar in the early afternoon Wednesday, marking its lowest level in 16 months, but mostly reversed its losses by the time the market closed, The Wall Street Journal reported. The day’s low marks a loss of 3.1% for 2014, more than offsetting last year’s 2.9% gain and making the renminbi Asia’s worst-performing currency. Traders said they suspect the central bank stepped in to limit the currency’s fall as it moved toward the 6.2500 level, buying renminbi via large Chinese banks.
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