China’s central bank is failing to impress the group that it wants to influence the most with its fixings -- the yuan bears.
Investors are trading the yuan in the spot market at the largest discount since May to the reference rate, a sign that sentiment toward the Chinese currency remains poor despite Beijing’s push to restore confidence. The exchange rate marched almost half way through its allowed trading range on the weak-side of the fixing, meaning the central bank many need to use another strong rate in the next session to rein in the bearishness.
