Yuan Drops to Two-Year Low as PBOC Rate Cut Boosts China Stocks
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China’s yuan fell to the lowest in more than two years, money-market rates dropped and most stocks advanced after the central bank cut benchmark borrowing costs for the second time in three months amid an economic slowdown.
The currency retreated as much as 0.07 percent in Shanghai and a gauge of interbank funding availability declined the most since Feb. 5. The benchmark Shanghai Composite index climbed. Most economists predict Premier Li Keqiang will announce a 2015 growth target of around 7 percent, down from 7.5 percent last year, when the National People’s Congress convenes its annual meeting this week.