Asian business secrets

Yuan hits 31-year high against yen on China intervention


TOKYO — The yuan on Tuesday touched its strongest point against the yen in more than three decades as Chinese authorities stepped in to shore up the currency against an appreciating dollar.

The yuan rose beyond 21 yen in morning trading here, a level not seen since January 1993, before softening somewhat. The Chinese currency was trading at the 21-yen level during U.S. trading hours.



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