Caixin
Aug 30, 2022 03:47 PM
FINANCE

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
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. 

loadingImg
You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code