China Acts to Slow Gains by Strongest Yuan in Almost Three Years
- Central bank’s fixing was weaker than expected Wednesday
- Onshore rate abruptly erased gain as banks sold a day earlier
This article is for subscribers only.
There are growing signs that Beijing is keen to slow the ascent in China’s currency after it surged to the highest level since mid-2018 against the dollar.
The People’s Bank of China set its fixing at 6.4604 per dollar on Wednesday, 0.06% weaker than the average estimate in a Bloomberg survey. The onshore yuan fell 0.11% to 6.4620 as of 4:24 p.m. in Shanghai after gaining in the previous two sessions.