You are here: Home » Markets » News
Business Standard

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


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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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