Economics
Yuan Touches One-Week Low Amid Speculation PBOC Countered Gains
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China’s yuan retreated from the upper limit of its trading band, reaching a one-week low, on speculation the central bank intervened to combat appreciation that hurts exporters.
The yuan rose as much as 0.28 percent today to 6.2277 per dollar in Shanghai, exceeding today’s reference rate of 6.2906 by the maximum 1 percent allowed by the People’s Bank of China. The currency subsequently fell to 6.2558, 0.17 percent weaker than yesterday’s closing level and the lowest it has been since Dec. 4, before closing little changed at 6.2460, according to the China Foreign Exchange Trade System.