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Yuan devaluation to be capped at 10%, says Credit Suisse

A sudden yuan devaluation by the central People’s Bank of China (PBoC) caught markets by surprise but Credit Suisse doesn’t foresee a decline of more than 10% as Beijing continues to roll out measures to support the world’s second largest economy. The Swiss lender said in a report that downward movement will be capped to avoid “backlash”, particularly given the…

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