The yuan declined while Chinese stock futures whipsawed after authorities announced a total 10 trillion yuan ($1.4 trillion) program to refinance local government debt, signaling investors weren’t impressed with the latest attempt to support the economy.
The yuan sank as much as 0.6% in offshore trading, pulling its Asian peers such as the Australian and New Zealand dollars weaker. China’s 10-year bond yield edged to as low as 2.08%, a level unseen since September.
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