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China stocks rally in Asia, dollar retreats on Fed rate bets

Shanghai markets enjoyed a third straight rally on October 12, 2015, after a week-long holidayShanghai led a broad Asian equities rally Monday on hopes for fresh Chinese economic stimulus, while the dollar suffered more losses on expectations the Federal Reserve will delay an interest rate hike until next year. The greenback had edged up at the start of the day — clawing back some of last week’s losses — after the vice chairman of the Fed raised the prospect that borrowing costs could still go up in 2015 despite a global slowdown. Global markets went into meltdown in August after China devalued its yuan currency, fanning worries about the state of the world’s number two economy, while traders were also on edge over the expected US rate rise.

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