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Banking regulator pushes iron-ore investigation

China's banking regulator urged local authorities and banks to step up an investigation into iron ore financing deals in a bid to minimize default risks. The call prompt-ed a sell-off in iron ore futures and prices fell nearly 5 percent. The probe raised fears the crackdown on commodities-backed financing could unleash a flood of iron ore sales from the at least 100 million metric tons in Chinese port stocks. That raises the prospect of a price slump.

Gold purchases decline to four-month low on weak yuan