China Pushes Back on Strong Yuan by Record Run of Weak Fixes
- State Council has pledged keep yuan stable to support trade
- PBOC will continue to guide yuan rate lower, Mizuho Bank says
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China set a weaker-than-forecast yuan fixing for a record 15th day on Friday as it seeks to curb currency gains that threaten to undermine its economic recovery.
The central bank set the reference rate at 6.3692 per dollar, a shade weaker than the average estimate of 6.3688 in a Bloomberg survey of analysts and traders. That’s the most extended series of lower-than-expected yuan fixings since the surveys began in 2018, based on instances when the rate is even a fraction below the estimate.