Yuan Advances to 17-Year High on Speculation Tightening Likely
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China’s yuan advanced to its strongest level in 17 years on speculation the central bank will tighten monetary policy further to tame inflation.
The currency gained as much as 0.06 percent as Hong Kong- based Phoenix Television said on its website, citing an unidentified source, that inflation in March was 5.3 percent, the most since July 2008. Gross domestic product rose 9.4 percent from a year earlier last quarter, after increasing 9.8 percent in the previous three months, according to the median estimate of economists in a Bloomberg survey. The National Bureau of Statistics will release both sets of data tomorrow.