Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Yuan Forwards Gain on Stronger Fixing; Goldman Upgrades Growth

Yuan forwards gained for a second day after China’s central bank set a stronger reference rate and amid speculation capital inflows will increase after the government eased investment limits.

The People’s Bank of China raised the yuan reference rate for a second day to near a two-week high and a government report today showed new home prices increased in 53 of 70 major cities in November. Goldman Sachs Group Inc. boosted its economic growth forecasts for the current quarter and 2013, citing a recovery in manufacturing. On Dec. 14, China announced measures granting foreign sovereign wealth funds and central banks wider access to local capital markets.

“We are still positive on the yuan in view of the recent economic rebound and potential for more capital inflows,” said Irene Cheung, a currency strategist in Singapore at Australia & New Zealand Banking Group Ltd. “The stock market has been doing well too.”

Twelve-month non-deliverable forwards gained 0.03 percent to 6.3135 per dollar in Hong Kong, according to data compiled by Bloomberg. The central bank set its reference rate at 6.2880, the strongest level since Dec. 5.

In the spot market, the currency gained 0.04 percent to 6.2324 in Shanghai, according to China Foreign Exchange Trade System. The exchange rate was 0.07 percent stronger at 6.2105 in Hong Kong’s offshore market.

One-month implied volatility, a measure of expected moves in exchange rates used to price options, dropped 15 basis points, or 0.15 percentage point, to 1.8 percent, according to data compiled by Bloomberg.

Forecast Raised

Goldman Sachs raised its fourth-quarter economic growth forecast for China to 7.8 percent from 7.6 percent to account for stronger production in October and November, it said in a report today. Its projection for 2013 was increased to 8.2 percent from 8.1 percent. Industrial output rose 10.1 percent in November from a year earlier, the most since March, the government said on Dec. 9.

Policy makers have set an initial growth target of 7.5 percent for 2013, the same as for 2012, two bank executives and a regulatory official briefed on the matter said, asking not to be identified because they aren’t authorized to disclose the information.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.