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RMB reference rate rises, “no crisis” for private banking clients

China’s yuan rose for the first time in three days as the central People’s Bank of China raised its reference rate this morning, after devaluing the currency earlier this week. On Tuesday, the yuan saw its largest drop in two decades as it fell 1.8% following the devaluation, the first major one since 1994. Asian stocks rebounded yesterday, after the PBoC gave an…

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