China’s offshore yuan jumps to its strongest level since October
|05/31/2017||Posted by BusinessMediaguide.Com under General World News||
The offshore yuan just touched its strongest level against the dollar since October.
The currency was up by 0.9% at 6.7611 per US dollar at 8:09 a.m. ET.
The offshore yuan has climbed 1.6% since Moody’s cut its rating on China’s debt a week ago, Bloomberg noted.
“Spurred in part by a funding squeeze in Hong Kong, the offshore yuan (CNH) has rallied 1.5% in the same time,” Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said.
“Note that China’s officials have also formally introduced a new element (counter-cyclical adjustment) to the black box of the fixing. The suspicion read more >>>