Emerging Currencies Get Reprieve as Yuan Up on China Defense
- Yuan and rand are among the biggest gainers as dollar retreats
- Expected volatility in emerging currencies rise before US CPI
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Developing currencies strengthened after central banks in China and Japan pushed back against the dollar’s recent rally.
MSCI Inc.’s index of developing-nation currencies rose 0.00420%, with the Chinese yuan and South African rand among the leading gainers. A gauge of the dollar fell, halting an eight-week surge, after the People’s Bank of China escalated its defense of the yuan and the Bank of Japan hinted at the possibility of ending the developed world’s last negative interest rate.