Dollar firm, yuan slides after China unexpectedly cuts rates

News Snapshot:

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration TOKYO, Aug 15 (Reuters) - The safe-haven dollar stayed firm against major peers while the yuan sank to a nine-month trough after China's central bank unexpectedly cut key policy rates for a second time in three months on Tuesday to shore up the country's sputtering economy. The yuan weakened as far as 7.3115 per dollar for the first time since Nov. 4 in offshore trading , before bouncing back as major state-owned banks were seen selling dollars to support the local currency. The...