Buying frenzy: In this file photo, a man is seen checking his bank notes after changing money in Hong Kong. The scramble for the yuan here is being driven by speculation that the currency will continue to strengthen. ― AFP
HONG KONG: Hong Kong residents haven’t been this excited about China’s yuan since before a shock currency devaluation in 2015.
Bank customers in the city have added net 163 billion yuan (US$25bil or RM104bil) of savings denominated in the offshore yuan over the past year, about four times the pace of the previous 12 months, according to official data.
The last time they bought at a faster rate was in 2014, just before a surprise devaluation saw the currency enter a downward spiral the following year.
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