Chinese yuan's rally prompts authorities to warn on one-way bets on the currency

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The Chinese yuan extended gains against the US dollar on Friday but the pace of the rally slowed after authorities signaled some concerns over strong one-way bets on the currency.

The yuan has risen this year against all but six of the 31 major currencies. The yen is almost 8 per cent weaker versus China’s exchange rate, while South Korea’s won has fallen about 5 per cent and the greenback has lost 2.3 per cent. In May alone, the yuan has strengthen by 1.6 per cent against the greeback.

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