China oil firms show restraint after yuan rise

Newswire

By Felicia Loo SINGAPORE, July 22 (Reuters) - China's top oil companies refrained from cashing in on a stronger yuan on Friday, maintaining short-term export plans despite Beijing's currency revaluation and a retail price rise, industry sources said. The modest 2.1 percent rise in the yuan versus the dollar, coupled with a 6-plus percent increase in domestic prices, gave refiners' profit margins a much-needed boost on Thursday, but were not enough to stop August export plans, they said. ...

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