China Arrests Yuan Tumble With Stronger-Than-Expected Fixing
- Offshore yuan matched its lowest level ever in overnight trade
- Tensions between China and U.S. over Hong Kong are worsening
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The offshore yuan steadied near a record low, after China signaled with a stronger-than-expected fixing that it wants to avoid rapid depreciation.
The currency was little changed at 7.1755 per dollar as of 5:20 p.m. in Hong Kong. The People’s Bank of China set its daily reference rate at 7.1277 on Thursday, after the offshore yuan tumbled overnight. Escalating tensions between the U.S. and China had spurred speculation Beijing was willing to let the yuan weaken to shore up exports.