Yuan Advances Against Dollar, Basket Amid Bets of PBOC Support
- Currency’s six-day rally against peers longest since July
- China steps up efforts to guide expectations: PBOC researcher
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China’s yuan advanced against both the dollar and a trade-weighted index this week amid speculation policy makers are propping up the currency.
The People’s Bank of China has raised the yuan’s daily fixing by 0.1 percent over the past four days, even as a gauge of the greenback’s strength climbed 0.2 percent. This helps limit declines because -- apart from the signal of support -- the onshore yuan’s daily moves are restricted to 2 percent on either side of the reference rate. The monetary authority has stepped up efforts to guide expectations on the exchange rate, Ma Jun, chief economist at the PBOC’s research bureau, said in a statement Thursday.