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Trade war

China sets yuan rate below 7 per dollar for first time in 11 years

Move seen as fresh sign Beijing will let currency slide in trade war

The yuan has not been this weak against the dollar since the global financial crisis.   © Reuters

HONG KONG -- The People's Bank of China on Thursday set its daily reference rate for the yuan at 7.0039 to the dollar, fixing the midpoint below the key threshold of 7 for the first time since May 2008.

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