China Signals Discomfort Over Yuan Rally With Daily Fixing
- Gap between estimate and official fix is largest since October
- Yuan had jumped to highest since May 2018 amid risk-on buying
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China’s central bank has signaled a limit to its tolerance for the yuan’s recent advance by setting its reference rate at a weaker-than-expected level.
The gap between the daily fixing set by the People’s Bank of China and the forecast in a Bloomberg survey of analysts and traders was the largest since mid-October. That was when yuan gains accelerated on strong trade data and hopes of easing tensions between China and the U.S.