China Halts Run of Yuan Fixing Cuts That Rattled Global Markets
- Offshore currency little changed as regional markets advance
- IMF notes widening spread between onshore, offshore yuan rates
These Charts Show China's Impact on U.S. Markets
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China ended an eight-day run of reductions to the yuan’s reference rate that sent shockwaves through financial markets and escalated fears of a global currency war.
The People’s Bank of China set the daily fixing, which restricts onshore moves to a maximum 2 percent on either side, at 6.5636 a dollar, 0.02 percent stronger than the previous day’s reference rate. It was cut 1.42 percent over the last eight days.