China Sticks With Yuan Support as Currency Losses Deepen

(Bloomberg) — China took steps to slow a decline in the yuan for a fourth time this week, as its weakness intensified on souring sentiment toward the world’s second-largest economy.

The central bank set its so-called fixing for the managed currency at a stronger-than-expected level on Friday, after the offshore yuan extended a seven-month low. The move came after reports that regulators have stepped up scrutiny of currency trading and cross-border capital flows, in a bid to stabilize the yuan.