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Forint Strengthens to Highest in Three Weeks on China Rate Cut

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June 7 (Bloomberg) -- The forint rose to the strongest in three weeks after China cut interest rates for the first time since 2008, stepping up efforts to combat a deepening economic slowdown.

Hungary’s currency appreciated 1.1 percent to 294.7 per euro by 5 p.m. in Budapest, the strongest since May 17. That took the forint’s advance this week to 3.6 percent. The government’s benchmark 10-year bonds rallied, cutting yields 25 basis points, or 0.25 percentage point, to 8.368 percent.

Demand for riskier assets rose as China’s move fanned optimism that global policy makers will act to bolster growth. The forint fell as much as 0.5 percent earlier today after data showed that Hungary’s industrial output unexpectedly plunged in April.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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