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Yuan's internationalization stumbles as China keeps stepping in

Central bank aggressively defends the currency against mounting uncertainties

An employee reaches for a bundle of 100 yuan banknotes at a Bank of China branch in Hefei, Anhui Province.   © Reuters

SHANGHAI -- Over the past weeks, China has been managing the yuan with a firmer hand to fend off increasing downward pressure, a course that shows how far it has to go to become the international currency that Beijing envisions.

Saturday marks three years since a shock devaluation of the Chinese currency triggered a plunge in stocks, currencies and commodities. Since then, China has made some progress on its stated goal of internationalizing the yuan, also known as the renminbi.

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