(Bloomberg) -- The yuan had the biggest drop in six
weeks on speculation the central bank sold the currency before
raising interest rates.
The People's Bank of China boosted lending and deposit rates
by 0.27 percentage point each just minutes before yuan trading
ended as it aims to cool an economy growing at the fastest pace
in more than 12 years. Gains in the currency and higher borrowing
costs may help reduce excess funds in the banking system that are
spurring lending and investment.
Read more at Bloomberg Currencies News
weeks on speculation the central bank sold the currency before
raising interest rates.
The People's Bank of China boosted lending and deposit rates
by 0.27 percentage point each just minutes before yuan trading
ended as it aims to cool an economy growing at the fastest pace
in more than 12 years. Gains in the currency and higher borrowing
costs may help reduce excess funds in the banking system that are
spurring lending and investment.
Read more at Bloomberg Currencies News
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