Offshore Yuan Heads for Best Week Since January as Rates Climb


2 December 2016 
The offshore yuan headed for its biggest weekly advance in more than 10 months after money-market rates climbed, policy makers tightened curbs on capital outflows and the dollar’s three-week rally faltered.
China’s currency in Hong Kong gained 1 percent versus the dollar this week as overnight yuan borrowing costs in the city increased to the highest level in more than two months, making it more expensive to execute bearish bets. The offshore rate strengthened to trade at a premium to the onshore level for the first time in a month. China’s 10-year sovereign bond yields headed for the biggest weekly gain since May 2015, propelled by signs of stabilizing economic growth.
The offshore yuan was little changed at 6.8799 per dollar as of 5:02 p.m. in Hong Kong, while the onshore rate was steady at 6.8864. A Bloomberg replica of the CFETS RMB Index, which tracks the yuan against 13 exchange rates, was near the highest level since August. 

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