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China Moves to Slow Yuan Gains After Rally to Highest Since 2018

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China’s central bank set a weaker-than-expected reference rate for the yuan in a sign of its discomfort with the currency’s rally.

The People’s Bank of China set its daily fixing at 6.3014 per dollar, 59 pips weaker than the average in a Bloomberg survey of analysts and traders. The onshore yuan extended gains Monday to its highest since 2018.