Offshore Yuan Gains as Record Loan Rate Linked to Intervention

Updated on
  • Currency in Hong Kong erases discount to onshore rate
  • Overnight yuan Hibor advances to unprecedented level

The yuan climbed to a seven-week high in Hong Kong’s offshore market, erasing its discount to the rate in Shanghai, and an overnight rate to borrow the currency jumped by a record amid speculation China’s central bank was intervening to support the exchange rate.

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