PBOC Provides Strongest Boost to Yuan Via Fixing Since November
- Gap between PBOC’s yuan fix vs. estimate widened to 609 pips
- PBOC is defending currency amid monetary easing hopes: Mizuho
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China’s central bank pushed back against recent yuan weakness by setting its daily reference rate for the managed currency at the widest gap to estimates since November.
The People’s Bank of China set the so-called fixing at 7.1087 per dollar on Thursday, 609 pips stronger than the average estimate in a Bloomberg survey. That’s after the onshore yuan declined nearly 1% since the end of last year.