Oil price and global stock markets recover as China boosts yuan
by Julia Kollewe in London and Tom Phillips in Beijin from on (#10195)
Chinese 'national team' of state-owned banks buy yuan sending signal that Beijing is not seeking to devalue currency
Oil prices have rebounded and global stock markets recovered after Beijing mustered what analysts called its "national team" to intervene and boost the yuan.
The price of Brent crude, the global benchmark, rose more than 2% and later traded 1.8% higher at $34.36 a barrel. On Thursday, it had hit $32.16, the lowest since April 2004.
Related: Chinese stock market closes 2% higher after 'national team' intervenes - live
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