"Yuan Strengthens as Chinese State Banks Intervene Amid Regulatory Jitters"

China's yuan rebounded as the central bank set a stronger-than-expected daily reference rate, signaling support for the managed currency and easing concerns about further yuan weakness. The move comes after the yuan broke a key level on Friday, leading to increased global FX volatility, and indicates a willingness to prevent excessive depreciation that could spill over into regional and global currency markets.