China Is Weakening Its Currency Before U.S. Trade Talks Begin
- PBOC cuts fixing to 6.3670 per dollar, lower than expected
- U.S. delegates will meet Vice Premier Liu He this week
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China weakened its daily currency fixing by more than traders and analysts had expected before high-ranking U.S. officials arrive in the country to discuss trade issues.
The People’s Bank of China cut the reference level to 6.3670 per dollar, weaker than the average estimate of 6.3610 in Bloomberg survey of 21 traders and analysts. The deviation is the biggest since Feb. 7 and continues a pattern set in April when the fixing was weaker than expected on all but one day, according to Bloomberg calculations.