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By Kevin Yao, Nathaniel Taplin and Lu Jianxin BEIJING/SHANGHAI (Reuters) - China's central bank is willing to let the yuan fall to 6.8 per dollar in 2016 to support the economy, which would mean the currency matching last year's record decline of 4.5 percent, policy sources said. The yuan is already trading at its lowest level in more than five years, so the central bank will aim to ensure a gradual decline for fear of triggering the sort of capital outflows that shook the economy earlier this year and criticism from trading partners such as the United States, said government economists and advisers involved in regular policy discussions. Presumptive U.S. Republican Presidential nominee Donald Trump already has China in his sights, saying on Wednesday he would direct his treasury secretary to label China a currency manipulator if elected in November.
By Daniel Bases NEW YORK (Reuters) - Investors in Puerto Rico's debt-burdened economy still face risks of default on some of the island's $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack Obama says he will quickly sign the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) before the U.S. territory faces a possible default on July 1 on $1.9 billion worth of debt payments. While the government of Puerto Rico says it cannot honor all of its debts, and will likely default for a fourth time in the last year on some of its bonds, some creditors could get their payments via insurers or reserve funds.
Brazilian football star Hulk signed for Chinese side Shanghai SIPG on Thursday after passing a medical, the club said, as the cash-rich Chinese Super League embarks on a new round of spending. A press conference will be held Friday to announce "the Incredible Hulk" joining the team from Russian side Zenit St Petersburg, a SIPG spokeswoman said in a statement sent to journalists. Russian media had said Zenit would be paid around 55 million euros ($61 million) for his services.