Caixin
Aug 16, 2022 03:11 PM
FINANCE

PBOC Sets Weaker Fixing After Yuan Tumbles to Three-Month Low

Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong Photo: Bloomberg
Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong Photo: Bloomberg

(Bloomberg) — China’s central bank set its fixing for the yuan weaker on Tuesday, failing to show any overt pushback after the currency slid to a three-month low against the dollar the previous day.

The People’s Bank of China set the yuan reference at 6.7730 per dollar, 0.5% lower than the previous print, the largest daily cut since Aug. 3. The level was virtually in line with the average estimate in a Bloomberg survey of analysts and traders. The offshore yuan slid as much as 1.2% Monday after the central bank bucked the global tightening trend to ease policy.

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