Yuan’s Biggest Weekly Loss in Three Months Tests PBOC Tolerance
- PBOC set yuan fix below 7 for first time since December
- Traders saw heavy dollar sales onshore to trim yuan’s losses
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China’s yuan is depreciating at the fastest pace in three months and the central bank, for now, isn’t standing in the way.
The offshore yuan, extending its decline to as low as 7.075 Friday, is headed for the biggest weekly loss in three months after the People’s Bank of China set the currency’s fix weaker than 7 per dollar for the first time since December. Friday’s yuan fix stood broadly in line with the average estimate in a Bloomberg survey of analysts and traders.