Yi Gang News
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Signs China will widen the yuan’s trading band have driven a rally in Dim Sum corporate bonds, cutting their yield premium in May by the most in eight months.
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Yuan deposits in Hong Kong climbed to a record in April amid bets China will accelerate exchange-rate reforms, spurring currency gains.
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Azerbaijan’s State Oil Fund, known as Sofaz, is considering investing in the Chinese yuan as it broadens expansion into new currencies to diversify reserves.
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Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.
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The yuan strengthened the most this year as Premier Li Keqiang pledged to come up with a plan this year that would allow investment capital to move more freely in and out of China.
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Global stocks rose in April, beating bonds, the dollar and commodities for a second month, as gold and copper slumped into bear markets and investors bet equities will benefit from unprecedented economic stimulus.
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JPMorgan Chase & Co. said China may widen the yuan’s trading band in the next three months after the foreign-exchange regulator announced rules to deter speculative funds from betting on appreciation.
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The yuan’s trading band will be widened “in the near future,” said Yi Gang, deputy governor of the People’s Bank of China, after the currency rallied yesterday to a 19-year high.
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China signaled it will propose plans this year to allow freer flows of its currency in and out of the nation as part of measures to loosen control over the yuan and interest rates.
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China’s currency had the biggest weekly gain in six months and yuan forwards rose to a record after the central bank signaled plans to widen a trading band that’s been limiting appreciation since October.
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