Robert Minikin News
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India’s rupee is falling the most among emerging Asian economies as investors question the government’s ability to implement policies to boost growth, which the central bank predicts will be the least in a decade.
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Traders increased bets Hong Kong will end a 29-year-old peg to the dollar after the currency reached the upper limit of its permitted range and triggered intervention by the city’s monetary authority.
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China may widen the yuan’s trading band in the “next few weeks” as policy makers favor a more flexible exchange rate to combat inflation, according to Standard Chartered Plc.
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The yuan reached its lowest level in seven months after the People’s Bank of China weakened the currency’s reference rate amid concern Europe’s debt crisis will hamper growth in the global economy and cut export demand.
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The dollar will likely hold “key support” at 88.50 yen and rise 6 percent to its strongest since August, Standard Chartered Plc said, citing trading patterns.
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Yuan forwards advanced the most in a week as Standard Chartered Plc raised its forecasts for the currency amid speculation China will allow appreciation to gather pace as foreign pressure mounts.
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The premium investors pay to obtain yuan in Hong Kong’s offshore market is widening, after shrinking to zero last month, as the central bank limits supply and demand for the currency to buy renminbi bonds in the city grows.
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Asian currencies fell to a two-week low, led by Indonesia’s rupiah, on concern Europe’s worsening debt crisis will slow global growth.
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China’s yuan was headed for a second weekly advance, leading gains in Asia, as a pickup in inflation bolstered the case for policy makers to heed U.S. calls for faster appreciation.
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Standard Chartered Plc lowered its forecasts for the U.S. dollar versus the yen and the Swiss franc, citing a “powerful rally” in Treasuries that narrowed the premium offered by U.S. rates.
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