PBOC Flips Script on Curbing Yuan Weakness to Slowing Rally

In a few short weeks, China has gone from leaning in to prevent a rapid weakening in the yuan to a situation where some traders see it moving to slow down a rally.

The People’s Bank of China set its daily reference rate for the managed currency at a level weaker than analyst estimates for the first time since November. To some yuan watchers, that’s a sign policymakers are probably minded to manage its rebound, after a truce in the trade war with the US improved sentiment toward the currency.