Economics
Yuan Declines for Fifth Day on Concern Over China’s Growth
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China’s yuan declined for a fifth day on concerns the worst cash crunch in a decade will aggravate an economic slowdown.
HSBC Holdings Plc said yesterday it sees the currency ending the year at 6.16 per dollar, 0.2 percent weaker than current levels, as a jump in money-market rates may hurt growth and inflation expectations. Chinese stocks fell to a four-year low today after Goldman Sachs Group Inc., China International Capital Corp. and DBS Bank Ltd. cut 2013 expansion forecasts in the past week. One-year interest-rate swaps slid after the central bank said yesterday it will safeguard money-market stability. The swaps rose to a record 5.06 percent on June 20.