The yuan fell against the dollar on “offshoring”, but turned to the best monthly gain in more than six years, boosted by Chinese authorities’ efforts to curb capital outflows and clamp down on speculators.
China’s currency against the dollar fell 0.15 percent to 6.8395 yuan at 2:33 pm Mecca time, but gained 2.1 percent in January, the best since September 2010.
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The currency The Chinese government supported after the decline in the beginning of the month of the large rise in funding costs in Hong Kong.
The central bank’s efforts to curb the amount of money coming out of the country also showed success, with payments in yuan tumbling beyond the border in December.