China's Yuan Weakens After PBOC Sets Fixing Closer to 7 a Dollar
- Index tracking currency against peers falls toward record low
- Chinese officials have vowed to keep the exchange rate steady
Photographer: SeongJoon Cho/Bloomberg
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China’s central bank set its daily currency reference rate marginally stronger than 7 a dollar, leaving analysts anticipating Thursday’s fixing as a key policy signal.
The Wednesday level of 6.9996 gives the People’s Bank of China little headroom if it wants to track the spot rate lower while staying on the strong side of 7. The currency has recently breached that key psychological level, stoking criticism from Donald Trump and roiling global markets, but the fixing hasn’t. The yuan was down 0.28% at 7.0449 a dollar at 5:03 p.m. in Shanghai.