Yuan pares record rally as Goldman says now is the time to sell

Hong Kong

THE offshore yuan pared its record weekly rally as China's central bank raised its fixing less than projected and some analysts reiterated their bearish views on the currency.

The exchange rate fell as much as 1.1 per cent to 6.8623 a dollar in Hong Kong, the most since this day last year, after a 2.5 per cent surge over the past two sessions. Goldman Sachs Group Inc advised clients that the best times to bet against the yuan have tended to be after interventions that flushed out bearish positions, or when China concerns were off traders' radar screens.