Fear of Yuan Drop Sparks Biggest Dim Sum Selloff Since 2011
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Offshore yuan bonds suffered their biggest sell-off in four years as investors ditched assets in the sliding Chinese currency.
Average total returns of so-called Dim Sum notes dropped 0.5 percent Wednesday, the sharpest decline since September 2011, according to an FTSE-BOCHK index. Lenovo Group Ltd.’s 2020 notes retreated 2.1 points Wednesday in their steepest descent since issuance in June. China Electronics Corp.’s 2017 bonds plunged 1.7 points, the largest retreat since they were offered in January 2014.