It has been another busy 24 hours in the foreign-exchange market with GBP falling to fresh 5-year lows and CAD at 13-year lows against the dollar. But the big story continues to be China. Overnight, China took fresh steps to discourage speculators from selling the yuan off-shore by driving up margin lending rates to staggeringly high levels. The Hong Kong Interbank Offer Rate or HIBOR surged from 13.4% to 66.8%, a record high. Before the weekend, the HIBOR rate was a more modest 4%, which marks …
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China Can’t Stop Big Currency Moves
It has been another busy 24 hours in the foreign-exchange market with GBP falling to fresh 5-year lows and CAD at 13-year lows against the dollar. But the big story continues to be China. Overnight, China took fresh steps to discourage speculators from selling the yuan off-shore by driving up margin lending rates to staggeringly high levels. The Hong Kong Interbank Offer Rate or HIBOR surged from 13.4% to 66.8%, a record high. Before the weekend, the HIBOR rate was a more modest 4%, which marks …