China Sets Stronger-Than-Expected Yuan Fixing for Seventh Day

Chinese 100 yuan banknotes are arranged for a photograph in Hong Kong on Thursday, April 23, 2020. Photo: Bloomberg

(Bloomberg) — China kept up its resistance against yuan weakness by setting a stronger-than-expected currency fixing for a seventh straight day.

The People’s Bank of China set the fix at 6.8821 per dollar, 103 pips stronger than the average estimate in a Bloomberg survey of analysts. On Tuesday, the PBOC set the yuan reference rate at 249 pips stronger than the average estimate in a survey of market participants, which was the second-strongest bias on record.