For BlackRock, Yuan Is Key to Ongoing Rally in Asian Currencies
- China’s currency ‘linchpin’ of region: Asia credit chief Seth
- Yuan’s gains help Asian FX build on gains spurred by dollar
Yuan Close-Up
Photographer: selensergen/Getty Images/iStockphotoThis article is for subscribers only.
On a winning run thanks to the downtrodden dollar, Asian currency bulls have something else to smile about -- the yuan.
The Chinese currency’s unexpected surge over the past two weeks has put it atop the Asian leader board, with the gains, thought to be largely engineered by policy makers, turning around a weakening trend in the yuan. That’s helped underpin the Asian rally, which has seen currencies like the Malaysian ringgit to the Thai baht hit multi-month highs on uncertainty over the outlook for U.S. monetary policy after next week’s anticipated interest-rate hike.