(Bloomberg) -- The yuan rose past 7.60 to the dollar
for the first time since the end of a link in 2005 on speculation
the central bank is using the currency's gain as one of the tools
to cool economic growth.
The currency also strengthened on speculation the central
bank will sell dollars as China sets up a fund to manage the
country's $1.2 trillion foreign-exchange reserves. The government
on June 29 approved a 1.55 trillion yuan ($204 billion) sale of
government bonds to establish the new asset-management company,
which will seek to boost returns.
Read more at Bloomberg Currencies News
for the first time since the end of a link in 2005 on speculation
the central bank is using the currency's gain as one of the tools
to cool economic growth.
The currency also strengthened on speculation the central
bank will sell dollars as China sets up a fund to manage the
country's $1.2 trillion foreign-exchange reserves. The government
on June 29 approved a 1.55 trillion yuan ($204 billion) sale of
government bonds to establish the new asset-management company,
which will seek to boost returns.
Read more at Bloomberg Currencies News
No comments:
Post a Comment