Caixin
Sep 16, 2022 04:54 PM
FINANCE

PBOC Keeps Up Currency Defense as Yuan Slides Past 7 Per Dollar

A pedestrian walks past the People’s Bank of China headquarters in Beijing on June 7, 2019. Photo: Bloomberg
A pedestrian walks past the People’s Bank of China headquarters in Beijing on June 7, 2019. Photo: Bloomberg

(Bloomberg) — China sustained its currency defense after the yuan weakened past the key 7 per dollar level for the first time since 2020, a threshold it has rarely breached over the past decade.

The PBOC set the yuan fixing at 6.9305 per dollar, 456 pips stronger than the average estimate in a Bloomberg survey of analysts and traders, marking the 17th straight day of stronger-than-expected fixings. The strong bias fell short of the record 598 pips seen on Wednesday. 

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