China Steps Up Support for Yuan After Moody’s Outlook Cut

(Bloomberg) — China ramped up its support for the yuan via the daily reference rate, as market sentiment took a hit after Moody’s Investors Service cut its credit outlook for the nation.

The People’s Bank of China (PBOC) set the daily reference rate for the managed currency at 7.1140 per dollar, versus an average estimate at 7.1486 in a Bloomberg survey. The gap between the two was the largest in more than two weeks, a sign that Beijing is boosting its efforts to prevent declines in the Chinese currency.