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Updated: 2012-12-25 07:50
( China Daily)

Yuan halts advance as central bank lowers rate

The yuan halted a five-day advance after the central bank lowered the currency's reference rate amid concerns that the country's exports to the United States will slow unless US lawmakers agree to budget revisions. The People's Bank of China cut the rate by 0.05 percent to 6.2913 yuan per dollar on Monday, the lowest setting since Dec 14. The spot rate is allowed to trade as much as 1 percent on either side of the fixing. The dollar index climbed 0.3 percent in two trading days as House Republican leaders canceled a vote on Speaker John Boehner's plan to allow higher tax rates on annual income above $1 million.

PBOC may change repo auction schedule: traders

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