Yuan Gains for Third Day, Swap Rates Jump as Inflation Climbs
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China’s yuan gained for a third day, touching a 17 year-high, on speculation policy makers will accept a stronger renminbi to help curb inflation and meet the demands of trading partners.
The yuan rose 0.16 percent to 6.6238 per dollar as of 5:30 p.m. in Shanghai, according to the China Foreign Exchange Trading System. It earlier reached 6.6173, the highest level since China unified official and market exchange rates in 1993. China’s 12-month interest-rate swap rate, a fixed cost for receiving the seven-day repurchase rate, climbed three basis points to 2.60 percent.