China’s yuan dropped after a Greek rating downgrade fueled concern the global recovery will stall, boosting demand for safer assets.
China’s yuan was little changed on concern a slowdown in the U.S. economic recovery will prompt the central bank to decelerate appreciation to protect exports.
China’s yuan rose toward a 17-year high on speculation policy makers will permit more gains to help contain inflation, which accelerated in all but one of the seven months through January.
"Investors are wondering which local governments will issue similar statements."
- Liu Dongliang on Dec 15, 2014