Offshore Yuan Erases Losses as PBOC Stabilizes Reference Rate
- Central bank currency fixing little changed for a second day
- China doesn't want to add to volatility seen last week: ANZ
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The offshore yuan erased early losses after China’s central bank kept the currency’s daily fixing stable for the second day in a row, calming markets after sparking turmoil last week.
The People’s Bank of China on Friday ended an eight-day run of reductions to the reference rate that sent shockwaves through financial markets, triggered trading halts in onshore equity markets for two days last week. The Standard & Poor’s Index fell 1.1 percent on Friday, capping its worst-ever start to a year.