China Lets Traders Push Yuan Toward Best Quarter on Record
- Currency is the best performer in Asia since the end of June
- Nation’s central bank has allowed yuan to continue its advance
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China’s policy makers are in no rush to rein in a rapid advance in the yuan, as traders push the currency toward its largest quarterly rally on record.
The yuan has strengthened 4.5% since the end of June to 6.7566 per dollar, set for the biggest ever quarterly gain in Bloomberg data going back to 1981. The currency is the best performer in Asia in the third quarter, with the buying momentum close to the strongest since January.