China Moves to Slow Yuan Gains After Rally to Highest Since 2018
PBOC may not want yuan to rise past 6.3 per dollar: Scotiabank
Yuan has stayed resilient to shocks from the Ukraine crisis
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.