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Yuan Moves a Step Closer to Reserve Currency Status

The yuan edged a step closer to reserve currency status following a decision by the People’s Bank of China (PBOC) to scrap a longstanding ceiling on bank deposit rates. The move is one in a series of key financial reform decisions by the PBOC to make the yuan “freely usable” on an international scale and help boost growth in China. The central bank also lowered its benchmark interest rate by 25 basis points to 4.35 percent. Asian stocks traded mostly higher on this news.

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