Yuan Strengthens Past Central Bank Fixing for First Time Since July

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The yuan is among the worst-performing currencies in Asia this year, even as China has taken a suite of measures to slow its slump amid a patchy economic recovery. Photo: Bloomberg

(Bloomberg) — China’s yuan strengthened beyond its daily reference exchange rate for the first time in four months, getting some respite from months of depreciation pressure as the dollar weakens globally.

The yuan gained 0.4% in both onshore and overseas trading to appreciate past the daily currency fixing set by the People’s Bank of China (PBOC) for the first time since July. Beijing allows the yuan to trade 2% above or below the reference rate in the domestic market.