PBOC Moves to Stabilize Yuan With Fixing After Dollar Rally

China’s central bank stepped in to stabilize the yuan with its daily reference rate, after the currency dropped to a two-month low in response to the dollar’s surge.

The People’s Bank of China set the yuan’s reference rate around 7.15 per dollar on Thursday, diverging from analyst estimates by the most since late April. The move signals a show of support for the currency which fell after the dollar rallied to its strongest level in two months.