China

China’s yuan appreciated past 7.2 per USD on Friday, with several Chinese state-owned banks reported to be selling USD to buy yuan in the offshore spot market, aiming to stem sharp yuan falls. The central bank also relaxed a cross-border financing rule that discourages companies from buying dollars and selling the yuan in the onshore spot market. Last week, the central bank held its one and five-year loan prime rates unchanged at its July fixing.