China Ramps Up Yuan Support as Fixing Tops Estimates by Record
- Offshore yuan had weakened overnight after US CPI beat
- Fixing sends strong message to markets, OCBC’s Wong says
The People’s Bank of China set its daily reference rate for the managed currency at 7.0968 per dollar.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
China signaled continued support for its currency as broad strength in the dollar kept the yuan close to a policy no-go area.
The People’s Bank of China set its daily reference rate for the managed currency at 7.0968 per dollar, within its recent range, after the offshore yuan weakened by the most in three weeks overnight. China sets the so-called fixing at 9:15 a.m. local time, around which the currency is then permitted to trade in a 2% range.