China Sets Weaker Yuan Fixing for Sixth Day Amid Dollar Strength
- Sixth day of weaker fix is longest streak since June 2023
- Strong dollar weighs on yuan amid calls for loosening control
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China weakened its daily reference rate for the yuan for a sixth straight session, further relaxing its grip on the currency as dollar resilience and a mixed economic recovery weighs.
The People’s Bank of China set the so-called fixing at 7.1248, versus 7.1225 on Tuesday. China announces the fixing at 9:15 a.m. local time each trading day, around which the currency is then permitted to trade in a 2% range. The six-day streak of a weaker fix is the longest since June 2023.