Economics
PBOC’s New Normal Keeps Traders Guessing as Yuan Surges
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Chinese policy makers have been saying since February that two-way swings in the yuan are the “new norm.” A surprise surge in the currency shows that they mean it.
Twelve-month non-deliverable forwards, which traders use to speculate or hedge, strengthened 0.9 percent against the dollar in the past three days, their biggest advance since January