Yuan Advances on China’s Resilience, Easing Europe Debt Crisis
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China’s yuan strengthened for the first time in three days, supported by demand from investors fleeing a U.S. economic slowdown and Europe’s debt crisis.
The yuan is the only currency among the biggest emerging-nations to strengthen against the dollar this quarter and government data in the past week showed the nation’s exports grew 24.5 percent in August from a year earlier. German Chancellor Angela Merkel said yesterday she’s “very optimistic” that Finland’s demands for special collateral as part of a Greek bailout package will be met, easing default speculation that boosted demand for dollars.