Friday, September 21, 2018
Martin Hennecke

Yuan eases on dollar support
The yuan eased slightly against the US dollar yesterday as corporate demand for the greenback outweighed a much stronger official fix although it jumped 432 points in the morning.

With only one week to go until the 19th Party Congress, the authorities are keen to stabilize the yuan, traders said.

Stability in the foreign exchange market is a top priority as any disruption of the exchange rate and the economy is unwelcome ahead of the event.

Meanwhile, China is moving forward with plans to issue its first sovereign bonds in dollars since 2004 in a deal that will put a symbolic seal of approval on the booming offshore Asian debt market.

The Ministry of Finance said in a statement it will sell US$2 billion (HK$15.6 billion) worth of notes in Hong Kong.

The Ministry of Finance was meeting with bankers in Beijing yesterday to discuss the sale, according to people familiar with the plans.

The deal is aimed for as soon as this month, according to the people, who asked not to be named as the specifics aren't public.


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