Yuan Strengthens Most in Two Months on Signs PBOC Favors Gains
This article is for subscribers only.
China’s yuan strengthened the most in two months on speculation the central bank will permit appreciation to help prevent capital outflows from the world’s second-largest economy.
The People’s Bank of China set its daily reference rate 0.1 percent stronger at 6.3352 per dollar, after fixing it weaker for three days. Two days ago, the central bank pledged to keep stability in the yuan’s exchange rate, according to a statement on its website summarizing the results an annual economic planning meeting of Communist Party leaders in Beijing.