Yuan Forwards Climb to May High as Melco Surges
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Investors increased bullish bets on China’s currency, pushing yuan forwards to a five-month high, on prospects rising industrial output will help the world’s second-biggest economy meet its growth target this year.
Twelve-month non-deliverable forwards on the yuan strengthened 0.24 percent to 6.3515 per dollar yesterday in New York, after the currency climbed to a 19-year high in Shanghai and touched the strong end of its trading range for the first time. The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. rose for a second day, led by Melco Crown Entertainment Ltd. after the casino operator said it plans to invest in and operate projects in the Philippines.