PBOC Ends Stronger-Than-Expected Yuan Fixings Amid Covid Bets

pictureThe latest fixing came after the yuan surged in both onshore and overseas trading in the previous session amid speculation Beijing may relax its “zero-Covid” policy. Photo: Bloomberg

(Bloomberg) — China ended its string of stronger-than-expected fixings that had been in place since August, as a rebound in the yuan reduced the need for Beijing to support the currency.

The People’s Bank of China (PBOC) set the fix at 7.2292 per dollar, compared with the average estimate of 7.2287 in a Bloomberg survey of analysts and traders. Before Monday, the reference rate had been stronger than the forecasts for 47 straight sessions.