News Snapshot:
China on Thursday lowered its official yuan midpoint, with the onshore trading rate at its lowest since October, a sign authorities may have already taken action to relieve pressure caused by economic headwinds and the US Federal Reserve’s decision to hike rates. Capital outflows, triggered by market expectations of more aggressive rate rises in the US and Europe this year, have alarmed officials in Beijing and led President Xi Jinping to warn of negative policy spillover from “some countries” during an address to the Boao Forum on Thursday. The People’s Bank of China set the yuan midpoint at 6.4098 per...
