| Recent gains after five months of declines attest to policymakers' new norm of valuation swings, with central bank tweaks adding to volatility. Mainland policymakers have been saying since February that two-way swings in the yuan are the "new norm". A surprise surge in the currency shows that they mean it.
Twelve-month non-deliverable forwards, which traders use to speculate or hedge, strengthened 0.9 per cent against the US dollar this week, their biggest advance since January 2012...............................................Full Article: Source
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