Yuan strong in Hong Kong as linkup with Shanghai launches

The yuan climbed 0.05% to 6.1275 per dollar as of 9:02 am in Hong Kong, with the currency’s bid reference rate set at 0.7671 per Hong Kong dollar for the new Hong-Kong Shanghai market linkup, Bloomberg reported, citing prices published on the Shanghai Stock Exchange Sunday. Hong Kong also scraps an RMB20,000 per day conversion cap on permanent residents today. The Ministry of finance will sell RMB12 billion of bonds in Hong Kong this week in an issue that analysts estimate will draw strong demand.