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China's yuan inches higher as companies convert cash holdings
SHANGHAI: China’s yuan inched higher against the dollar on Friday as seasonal foreign exchange settlements by companies outweighed broad dollar strength, which was fueled by growing investor bets that the Federal Reserve will raise interest rates in December. The dollar held near a 19-month high and Treasury yields also rose, after US President Donald Trump said the United States does not need a deal with Iran, prompting some investors to weigh the possibility of an outsized 50-basis-point Fed rate hike next month. However, the dollar’s strength was offset by increasing “sell-on-rally” orders ...
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