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 yuan tumbled by the most on record on speculation the central bank will widen the currency’s trading band, allowing greater volatility at a time when growth is slowing in the world’s second-largest economy.
"Following the benchmark interest-rate cut, today's reduction shows we remain in the rate-cutting cycle."
- Liu Dongliang on Nov 24, 2014