Asian Central Banks Push Back, Sending Dollar Bears a Warning Sign
- PBOC is said to adjust formula for fixing yuan exchange rate
- Korea said it would take stern steps to curb one-sided moves
Prestige's Schenker Sees Pressure on Dollar
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Dollar bears take heed: Asian central banks may be putting the brakes on the greenback’s slide.
After working for three years to staunch the yuan’s slump, China is now moving to combat the opposite problem. The People’s Bank of China has stopped using a component of its daily fixing formula that had been widely interpreted as a tool to support the currency, people familiar with the matter said Tuesday. The yuan sank on the news.