Offshore Yuan Gains on Speculation Traders Paring Weakening Bets
- Dollar gauge drops after slump in U.S. consumer confidence
- Market doesn't want to test PBOC's bottom line: Commerzbank
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The offshore yuan strengthened the most this month on speculation traders are paring bets the currency will weaken after a surprise drop in U.S. consumer confidence pushed down the greenback.
A gauge of the dollar’s strength fell for a second day as an index of consumer sentiment slumped to the lowest level in more than a year in November. The International Monetary Fund’s executive board will vote on whether to include the yuan in its Special Drawing Rights basket of reserves on Nov. 30.