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Forex

Yuan turns a corner as AIIB portends bigger role

HONG KONG -- The weakening of downward pressure on the yuan is widely attributed to diminished expectations for an early U.S. interest rate hike, but China's own ambitions may be playing a role as well.

     The Chinese currency fell 2.4% against the dollar in the onshore market last year. Its slide continued into 2015, with the yuan hitting a 29-month low of 6.2763 on March 3, marking a 1.2% decline since the start of the year. The currency market was growing confident that the U.S. Federal Reserve would start raising interest rates in June, while China's central bank would continue easing credit to prop up a slowing economy.

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