China Tightens Grip on Markets After Selloff in Currency, Stocks

(Bloomberg) — China is pushing back against mounting investor pessimism toward the world’s second-largest economy.

The central bank stepped up support for China’s slumping currency on Tuesday by setting the daily reference rate far stronger than estimates. The move came a day after a prominent finance writer and two of his peers were suspended from a social media platform for spreading “negative and harmful information” about the nation’s faltering stock market.