Caixin
Mar 19, 2022 04:04 AM
CHINA

China Moves to Weaken Yuan With Record Push-Back Via Fixings

(Bloomberg) — China made its biggest push to weaken the yuan through its currency fixings this week as virus-related curbs and rising commodity prices threatened to slow the economy.

The weekly average of the gap between the People’s Bank of China’s daily yuan reference rate and market estimates widened to 68 basis points, the highest on record since Bloomberg started the survey with analysts and traders in 2018. A basis point is a hundredth of a percentage point. The bulk of the move came Monday when the fixing deviated 150 basis points from forecasts and Tuesday when it was off by 129 basis points.

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