Rumors swirled on social media on Tuesday that China's currency dropped sharply in overnight trade, but the purported move may have been an isolated hiccup from some providers.
Some currency data providers were showing that the yuan tumbled, with the dollar fetching as much as 7.49 yuan in overnight trade. It wasn't clear if the data were indicating the offshore yuan or the onshore currency, but the onshore currency does not trade overnight. That would have been an 8.8 percent rise for the currency pair from the onshore close of 6.8830, according to Reuters data.
China's central bank does not allow the currency to move more than 2 percent from its daily fixing in onshore trade. While policymakers can not closely control offshore trade of the currency, it usually remains relatively close to its onshore counterpart.
Data charts on Google and currency-data provider and money transfer service XE showed the short-lived blip. Google confirmed that the figure was a bug and that it was fixing it. In its Finance section, Google's disclaimers state that it can't guarantee the accuracy of foreign-exchange rates and advises confirming rates before making transactions.
An email to XE sent outside office hours wasn't immediately returned.