Yuan Rises to Three-Year High as PBOC Signals Comfort With Rally
- Central bank refrains from setting weak fixing to slow gains
- State media published articles saying yuan could keep rising
Outside the People's Bank of China building in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s yuan advanced to a three-year high in onshore markets as the central bank signaled that it’s comfortable with a recent rally by setting a strong daily reference rate.
The currency gained as much as 0.3% to 6.3913 per dollar in onshore markets, the highest since June 2018, while rising 0.4% offshore. The People’s Bank of China set its fixing at 6.4099 per dollar, in line with the average estimate in a Bloomberg survey of traders and analysts.