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Podcast: The Afternoon Update with Lynlee Foo
Episode: Money in the Market: Will the yuan depreciate further?
Description: Worries about China’s slowing economy and its widening interest-rate differential with the US have sent its currency, the yuan, tumbling some 5% this year, though it has fared better against the currencies of other trading partners. The People’s Bank of China has introduced a variety of measures to slow the depreciation, including stronger-than-expected reference rates and urging state banks to buy the managed currency. Meanwhile, the greenback rallied toward a three-month high today as traders mulled the possibility of higher-for-longer interest rates ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole s...