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China brews a storm in currency teacup

Posted on 25 February 2014

China’s secretive currency managers certainly know how to conjure up a storm. The usually predictable Chinese yuan took a dive over the past week, its first sustained weakness against the dollar since 2012. The People’s Bank of China has guided the yuan 0.5% weaker by moving its daily target rate lower. That is despite pressure from traders, who work within the currency’s narrow trading band, to let it strengthen.
It is a fast and big move for the tightly controlled currency. The freely traded Hong Kong flavor of the yuan, which is a leveraged reflection of its onshore cousin, has fallen a more dramatic 1.3%………………………………………..Full Article: Source


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VRS - who has written 37188 posts on Opalesque Commodities Briefing.


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