China Boosts Yuan Support Via Fixing as Trade Headwinds Grow

China ramped up its support for the yuan on Wednesday, underscoring its commitment to foreign-exchange stability as a trade war with the US showed few signs of letting up.

The People’s Bank of China set the yuan’s reference rate at 7.0995 per dollar, the strongest level in almost a year and past the 7.1 mark that authorities had sought to defend since September. The move helped boost the yuan while weighing on the dollar.