Yuan Falls a Fourth Day as Fix Cut After Data Suggests Outflows
- Central bank weakens reference rate to lowest since Feb. 5
- Outflows significant but not as bad as feared: Goldman
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China’s yuan fell for a fourth day as the central bank cut its daily fixing and a report suggested outflows persisted in January.
The People’s Bank of China set its reference rate at the lowest level in almost three weeks after figures from the nation’s foreign-exchange regulator released Tuesday afternoon showed banks net sold overseas currencies to their clients for a seventh straight month in January. The data indicate outflows were still significant but not as rapid as some had feared, Goldman Sachs Group Inc. economists led by MK Tang in Hong Kong wrote in a note.