China Yuan Erases Gain to Touch Eight-Week Low Before Holiday
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China’s yuan erased an earlier gain and touched an eight-week low on speculation investors pared holdings ahead of next week’s Lunar New Year holiday.
The currency lost 0.09 percent since Feb. 1, falling for a third week, on concern a slide in the yen will prompt Chinese policy makers to rein in the exchange rate to protect exporters. The yuan strengthened as much as 0.14 percent earlier today as a report showed the nation’s overseas shipments grew more than economists estimated and after the central bank bolstered the currency’s reference rate by the most since October. The yen fell 7.7 percent against the dollar this year.