China’s renminbi fell against the US dollar on Friday, taking its biggest weekly dive in more than three years, The Wall Street Journal reported. Speculation that the central bank is seeking to slow gains in the currency and cut down on heavy inflows from abroad provoked a sharp swing in the value of the yuan traded offshore, of about 0.5% to 6.0914 against the dollar for the week. Traders and analysts said they were surprised by the central bank’s recent shift to cooling the yuan’s gains. The currency has risen 33% since it was revalued in 2005.
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