The Chinese yuan surged to a 16-month high, but Beijing may not be happy about it [Business Insider]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Business Insider
The People's Bank of China cut interest rates and reduced bank reserve requirements. But a strong yuan could hurt exports, a key pillar of China's economy, amid weak domestic demand. Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview China's massive stimulus package for its battered economy has boosted market sentiment and injected confidence into the Chinese yuan. On Tuesday, China's top regulators appeared at a press conference together in an effort to boost market sentiment. At the briefing, People's Bank of China, or POBC, governor Pan Gongsheng announced cuts to several interest rates and a reduction in the amount of money banks need to hold in reserve. "The PBOC unleashed policy euphoria as markets deemed the 'big guns' unleashed with the rash of aggressive stimulus," Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, wrote in a note on Wednesday. This not only boosted Chin
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