China Paves Way for Yuan Gains as PBOC Boosts Fix Beyond 7

China opened the door for further yuan gains, as the central bank strengthened the daily reference rate by the most since August, pushing it past a closely watched level.

The People’s Bank of China set the so-called fixing at 6.9929 per dollar on Friday, compared with 7.0019 in the previous session. The fix limits the onshore yuan’s moves by 2% on either side, and Friday marked the first time in nearly three years that the rate was below 7.