Yuan forwards snap losing streak after better outlook
Yuan forwards rose for the first time in three days on Thursday as optimism about a recovery in the world’s secondlargest economy gathered momentum. China’s trade surplus swelled to a record $47.3 billion in July as exports grew at the fastest pace in 15 months, while manufacturing expanded the most in more than two years, according to official data released over the past two weeks. The People’s Bank of China cut the yuan’s reference rate by 0.02 percent to 6.1545 per dollar on Thursday. The currency has risen 1.8 percent from this year’s low of 6.2676 on April 30.