President Joe Biden's nominees to the Federal Reserve moved a step closer to confirmation after Lael Brainard, Biden's pick to be the U.S. central bank's vice chair, won enough votes to clear a procedural hurdle in the U.S. Senate Monday evening.

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The U.S. dollar scaled two-year peaks, as a wave of risk aversion hit global markets, while the Chinese yuan posted its largest three-day losing streak in nearly four years on growing worries of an economic slowdown in the world's second-largest economy.

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