Chinese whispers cause confusion
FRONT PAGE NEWS
Yen trading saw a flurry of activity against the euro and the dollar immediately following the news. Euro/yen dropped 100 basis points to 135 in seconds and dollar/yen dropped 70bp to 104.85.
The report – a poor translation of a weekend news story published in a Hong Kong paper – said China would allow the currency to appreciate by widening the narrow band in which it is allowed to trade against the dollar this week. The yuan has been pegged to the dollar in a narrow band at around 8.28 per
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