Currencies
PBOC Boosts Support for Yuan After Currency’s Year-End Tumble
- Gap between fixing, forecast for survey is widest since July
- PBOC still determined to keep yuan relatively stable: OCBC
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China is keeping its hand firmly on the yuan, supporting the currency via the official daily reference rate after it slid to the weakest level since 2022 at year-end in offshore trading.
The People’s Bank of China set the so-called fixing, which confines yuan’s trading onshore to a 2% range on either side, at 7.1879 per dollar on Thursday. That’s little changed from the prior reading. But it was 1,323 pips stronger than forecast in a Bloomberg survey, the largest difference since July.