Two-month highs: A file picture shows Chinese 100 yuan notes in Beijing. Onshore and offshore yuan have been rallying this week, driven predominantly by a blow-up in yuan borrowing costs offshore and tighter liquidity. – AFP
Chinese authorities keen to deter speculation in the currency
SHANGHAI: China’s yuan traded in the offshore market is set for its biggest weekly gain, hovering around two-month highs after the authorities were suspected of pushing up overnight borrowing costs to discourage bearish bets on the currency.
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