Goldman Sachs Group Inc. has dropped forecasts for the benchmark interest rate of China’s central bank from its annual outlook, while Societe Generale SA bemoans the “guesswork” behind tracking the nation’s shifting targets.
One-month yuan forwards touched the strongest level in at least 15 years as China’s central bank raised the currency’s reference rate to a record before U.S. Vice President Joseph Biden visits Beijing.
China’s central bank gauged demand for tradable certificates of deposit among banks operating in the Shanghai free-trade zone and solicited suggestions for regulations, 21st Century Business Herald reported.
Emerging-market stocks fell to the lowest level in two weeks as Hyundai Motor Co. and Kia Motors Corp. tumbled amid concern earnings will falter. Brazil’s real slumped to a three-month low amid disappointing economic data.
China’s stocks rose to the highest level since October, led by steel, material and drug companies, as a drop in money-market rates eased concern of a cash squeeze before the resumption of initial public offerings next month.