Currencies
China Targets Yuan Bears With Most Forceful Fixing Guidance
- Daily reference rate raised for the first time in six sessions
- Authorities told state banks to ramp up intervention this week
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China delivered its strongest ever pushback against a weaker yuan via its daily reference rate for the managed currency, as it sought to restore confidence to a market spooked by disappointing data and heightened credit risks.
The People’s Bank of China set its so-called fixing at 7.2006 per dollar compared to an average estimate of 7.3047 in a Bloomberg survey with traders and analysts. That was the largest gap to estimates since the poll was initiated in 2018.