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 finance ministry sold seven- year bonds at the lowest yield since August, after policy makers hinted at further easing measures to support the economy.
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.
"The market has turned cautious because investors are concerned there will be more companies like Chaori or Huatong."
- Liu Dongliang on Jul 20, 2014