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China extends yuan trading hours, may revoke fund management registrations for banks

Starting 4 January 2016, China’s central bank said the country will double the renminbi’s trading hours, as it prepares to join the International Monetary Fund’s (IMF) reserve currency basket in October. This, experts note, is the first step toward making yuan trading hours in line with currencies like the greenback, euro and yen. The People’s Bank of China said yesterday that yuan…

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