Non-deliverable renminbi forwards gained the most in a week as the growing prospect of a solution to the EU crisis boosted investor appetite for risk, Bloomberg reported. Expectations that China will report tomorrow that its economy grew 9.3% in the third quarter from a year earlier, the ninth straight quarter of expansion above 9%, have also bolstered confidence. The People’s Bank of China on Monday set the reference rate stronger for the first time in four days, indicating a willingness to let the currency continue to appreciate, said analysts. Twelve-month non-deliverable forwards climbed 0.36% to 6.3790 per dollar as of 4:31 Monday in Hong Kong, a 0.13% discount to the onshore spot rate; in Shanghai, the renminbi gained 0.12% to close at 6.3706. In Hong Kong’s offshore market, the yuan rose 0.25% to 6.4260, a 0.9% discount to the onshore spot rate.
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