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Asian currencies rise on Fed minutes; yuan shoots to 2-month high

The dollar went on the back foot as a result, while US Treasury yields fell

Reuters 

Asian currencies were firm on Thursday after the minutes of the US Federal Reserve's last meeting showed policymakers favouring a gradual approach to interest rate hikes, with the yuan hitting two-month highs on state-driven dollar selling after Moody's downgraded China's debt ratings. The yuan rose about 0.2 per cent to its strongest level since end-March after Chinese state-owned banks sold dollars in the onshore foreign exchange market, five traders said, in what was seen as a show of strength by authorities. The yuan had seen minor weakness in the previous ...

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First Published: Thu, May 25 2017. 13:24 IST
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