Yuan Rides a Roller Coaster in June as China Fights Market
- Currency up on suspected intervention as analysts stay bearish
- ‘Ultimately, the PBOC won’t win this game’: Commerzbank’s Zhou
Inside the Yuan's June Roller Coaster Ride
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China threw a lot at the yuan in June, tussling with traders to drag the currency higher.
Starting the month at a 2017 high, the yuan lost 0.6 percent to the dollar over the next two weeks as bearish bets returned on concern China’s economic growth may have peaked. That seemed to trigger a reaction from the People’s Bank of China, with the authorities speculated to have intervened on at least three occasions over the past two weeks, driving the yuan to its strongest level since November.