Yuan falls on talk pace of rise to slow

THE yuan dropped yesterday for the first time in three days on speculation policy makers will slow the pace of currency gains to protect exporters. Bonds gained.

China’s Ministry of Commerce has made a formal proposal to slow yuan appreciation and safeguard the nation’s exports as overseas shipments grew at the slowest pace in four months, Reuters reported yesterday, citing an unidentified official. The yuan fell by the most since June 4, making it the second-worst performer among the 10 most-active Asian currencies outside of Japan. The yuan fell 0.16 percent to 6.8450 versus the US dollar in Shanghai yesterday, from 6.8340 at the end of last week, according to the China Foreign Exchange Trade System.

Source: Xinhua

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