Officials in China and Japan are pushing back against the strength of the US dollar as a rally by the greenback threatens to drive both the renminbi and the yen to historic lows.
The People’s Bank of China set the trading band for the Chinese currency against the dollar at an unexpectedly high level on Wednesday, in the latest sign of growing discomfort among top leaders over the renminbi’s depreciation.
Separately, Japan’s top currency diplomat issued his sharpest warning yet against the yen’s fall, to prevent selling momentum building.
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