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BEIJING: Asian currencies rose on Wednesday as strong manufacturing data from China coupled with a risk-happy market environment spurred interest in emerging currencies, with the Chinese yuan jumping to its highest in six-and-a-half months.
The Chinese yuan shot up as trading resumed following an extended weekend, rising about 0.4 percent against the dollar. The currency posted its biggest intraday percentage gain in over four months. Yuan stands to gain around 1 percent in May after shedding about 0.2 percent in April.
Trading in other currencies however was in a tight range as some investors held back in anticipation of U.S. wage data coming in this Friday. "Growth has remained decent globally, with the Chinese PMI data being better than expected," said Nizam Idris, head of strategy, fixed income and currencies at Macquarie Bank. "Its an environment that´s quite conducive for risk taking." The U.S. wage data could affect yields and markets will look to this data as a trigger, Nizam said.
The offshore yuan firmed sharply after Hong Kong´s overnight yuan borrowing rate jumped to its highest point in nearly five months. The Chinese manufacturing and services sectors grew faster than expected in May as activity in the steel industry rebounded, assuaging fears of slowing economic momentum.
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