Yuan Strengthens Amid Dollar Drop and as Xi Visits Hong Kong
- Currency has climbed 1.5 percent in past three months
- Dollar drop, possible state intervention helping yuan: ANZ
China's President Xi Jinping and his wife Peng Liyuan arrive in Hong Kong on June 29.
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China’s yuan climbed, heading for its biggest quarterly gain in more than six years, amid speculated state intervention at the start of President Xi Jinping’s landmark visit to Hong Kong and as the dollar weakened.
The exchange rate strengthened 0.3 percent to 6.7795 per dollar as of 5:02 p.m. in Shanghai, bringing the advance in the past three months to 1.5 percent. That would be the best quarter since 2010. Traders said they saw heavy flows in dollar-yuan on Thursday morning, with large Chinese banks among those selling the U.S. currency. That followed similar signs of intervention in the last two days.