Report on Yuan Briefly Roils Currency Markets
- Share via
China’s central bank said Wednesday that it had no new information on the exchange rate for the Chinese yuan after a report on the website of a Communist Party newspaper fueled speculation that a revaluation would happen soon.
Major currencies were roiled briefly, with the Japanese yen soaring against the dollar, the euro and the British pound.
The report -- a translation of an article published in Hong Kong on May 7 -- was later removed from the People’s Daily website.
Expectations for the yuan’s future value surged briefly to record levels in the market for currency forward contracts, a barometer of expectations that does not affect the currency’s current value.
A spokesman for the People’s Bank of China, the central bank, said the report did not originate from the bank.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
