China Fights Back Weaker Yuan in Run-Up to Jackson-Hole Summit
- PBOC fixes yuan 56 pips stronger than average analyst estimate
- Currency regulator sees yuan exchange rate as stable: Xinhua
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China once again pushed back against yuan weakness through its currency fixing as it braced for a potential surge in the dollar following the Federal Reserve’s Jackson Hole symposium on Friday.
The People’s Bank of China set its fixing 56 pips stronger than the average estimate in a Bloomberg survey. That’s after Thursday’s fix was 120 pips stronger than the forecast, the widest gap since February 2020. While Thursday’s move helped the offshore yuan pare recent losses, it remains Asia’s second-worst performer this quarter.