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Offshore Yuan Set for Weekly Gain Amid PBOC Intervention Signs

  • PBOC looking to curb bearish wagers ahead of Fed: Commerzbank
  • HKMA says banks tapped yuan liquidity tools in recent days
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The offshore yuan headed for the biggest weekly advance since July, with suspected intervention by China’s central bank choking supplies of the currency and driving borrowing costs to an eight-month high.

The exchange rate in Hong Kong strengthened 0.5 percent for the week, the most since the five-day period ended July 29, and was little changed Thursday at 6.6650 per dollar as of 5:16 p.m. local time. While the city’s stock market will be shut Friday to mark the Mid-Autumn Festival, the Chinese currency will be traded. Onshore markets are closed and will reopen Monday.