Yuan Pares Record Rally as Goldman Says Now’s the Time to Sell
- Offshore rate tumbles as much as 1.1%, most in a year
- PBOC strengthens fixing less than forecasts from Mizuho, ANZ
What's Triggering the Rally in the Yuan?
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The offshore yuan pared its record weekly rally as China’s central bank raised its fixing less than projected and some analysts reiterated their bearish views on the currency.
The exchange rate fell as much as 1.1 percent to 6.8623 a dollar in Hong Kong, the most since this day last year, after a 2.5 percent surge over the past two sessions. Goldman Sachs Group Inc. advised clients that the best times to bet against the yuan have tended to be after interventions that flushed out bearish positions, or when China concerns were off traders’ radar screens.