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Yuan Falls to Eight-Year Low as Central Bank Cuts Reference Rate

The yuan dropped to its lowest level in more than eight years as the central bank weakened the reference rate.

The currency fell 0.09 percent to 6.8940 per dollar at 10:14 a.m. local time. A Bloomberg gauge of the greenback’s strength jumped the most since 2008 in the past two weeks amid speculation President-elect’s Donald Trump’s reflationary economic policies will trigger faster monetary tightening.

Betting against the yuan with 12-month...