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.
China’s money-market rate had its biggest weekly gain since March on speculation cash supply will wane as the central bank drains capital. The yuan was steady.
China’s finance ministry sold seven- year bonds at the lowest yield since August, after policy makers hinted at further easing measures to support the economy.
"It's a fresh step forward in China's yuan internationalization."
- Liu Dongliang on Sep 29, 2014