Bears scramble for yuan as China chokes flows
Unit is now increasingly scarce outside nation's borders; offshore yuan surges most on record
Beijing
CHINA'S efforts to choke capital outflows are beginning to pay off, with the offshore yuan surging the most on record as traders scrambled for a currency that's becoming increasingly scarce outside the nation's borders.
The yuan gained 0.5 per cent at 6:48pm in Hong Kong, taking its two-day move to 1.8 per cent, poised for its biggest gain in data going back to 2010. The overnight deposi…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Philippines’ Recto sees rate-cut delay risk if peso sinks to 59
Ecuador president declares state of emergency over energy crisis
US Senate has agreement on Fisa reauthorisation, will vote on Friday night, Schumer says
US expects to finalise new Aukus trade exemptions in next 120 days
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising