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Oil price and global stock markets recover as China boosts yuan

Discussion in 'Market News' started by Lily, Jan 8, 2016.

  1. Lily

    Lily Forum Member

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    Chinese ‘national team’ of state-owned banks buy yuan sending signal that Beijing is not seeking to devalue currency

    Oil prices have rebounded and global stock markets recovered after Beijing mustered what analysts called its “national team” to intervene and boost the yuan.

    The price of Brent crude, the global benchmark, rose more than 2% and later traded 1.8% higher at $34.36 a barrel. On Thursday, it had hit $32.16, the lowest since April 2004.

    Related: Chinese stock market closes 2% higher after 'national team' intervenes – live

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