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BoE intervenes as IMF criticises UK budget
BoE intervenes as IMF criticises UK budget
by  AFP

The Bank of England stepped in Wednesday to shore up market confidence after the International Monetary Fund criticised Britain's inflation-fighting budget. Analysts warned that Britain's controversial measures could force the Bank of England to hike interest rates far higher than forecast.

China's offshore yuan hits record low against dollar
China's offshore yuan hits record low against dollar
by  AFP

China's yuan hit a record low against the surging US dollar in offshore trading Wednesday, despite recent efforts by the country's central bank to shore up the currency. The offshore yuan -- which is circulated outside mainland China and is more freely traded than currency in the domestic market -- fell to 7.2386 against the dollar on Wednesday, according to Bloomberg.

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