China’s yuan surged by the most in more than a decade, catching up with dollar declines during a week-long holiday, after the central bank chief voiced support for the exchange rate and set its fixing at a one-month high.
The currency advanced 1.20 percent, the most since the nation scrapped a peg to the dollar in July 2005, to 6.4975 a dollar as of 2:12 p.m. in Shanghai, according to data compiled by Bloomberg. The offshore yuan rose 0.26 percent to 6.4917, or 0.09 percent stronger that the onshore rate, compared wi...
Also read: Dollar Weakness Gives World’s Central Bankers New Headache
Read more