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. The yuan gained 0.24 percent to close at 6.1776 per dollar in Shanghai, the upper end of its permitted trading range and within 0.1 percent of a 19-year high of 6.1723 reached on April 17, according to China Foreign Exchange Trade System prices. It is allowed to move a maximum 1 percent from the People’s Bank of China’s reference rate, which was strengthened 0.03 percent today to 6.2395. The currency rose 0.06 percent from yesterday. Read More
Fischer Says Other Nations Need to Cut Japan Slack on Yen
Bank of Israel Governor Stanley Fischer endorsed Japan’s efforts to end 15 years of deflation and suggested that other nations should refrain from criticizing the world’s third-largest economy. “Japan being as sick as it was for as long as it was, you’ve got to cut them slack in allowing themselves to work their way out of this situation,” Fischer said in an interview in Washington with Bloomberg Television yesterday. Read More
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