China Takes Stronger Stance Against Weakening Yuan

A man rides a bicycle past the headquarters of the People’s Bank of China in Beijing in June 2019. Photo: Bloomberg

(Bloomberg) — China took the most aggressive step in its recent battle to bolster the yuan, setting its reference rate for the currency with the second-strongest bias on record.

The People’s Bank of China (PBOC) fixed the yuan at 6.8802 per dollar, 249 pips stronger than the average estimate in a Bloomberg survey. The bias was the second largest on the strong side since the daily survey of traders and analysts was initiated in 2018.