HONG KONG -- The offshore yuan is surging against the dollar as Chinese authorities pull out all the stops to crack down on capital outflows by corporations and individuals alike.
The yuan traded for more than 6.82 per dollar on the Hong Kong currency market Thursday, a 2% appreciation over two days. At the same time, the overnight Hong Kong Interbank Offer Rate was fixed at 38.3%, up from Wednesday's 16.9% and marking the highest level in roughly a year. In the open market, borrowing costs reportedly topped 100% at one point in afternoon trading.
