China Is Expected to Defend Yuan If It Weakens About 1% Further
- Analysts, traders see 6.7 yuan per dollar as key level
- Offshore currency set to snap record 11-day losing streak
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Photographer: SeongJoon Cho/Bloomberg
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China’s authorities, who’ve allowed the steepest yuan decline since the 2015 devaluation, are likely to step in and defend the currency should it fall further to a key level.
Most of the 18 traders and analysts surveyed by Bloomberg say policy makers will act to slow the currency’s slide once it gets close to 6.7 per dollar in China’s onshore market. That’s about 1 percent below current levels. The yuan was little changed at 6.6266 a dollar in early London trading on Friday.