China Provides Strongest Boost to Yuan Via Fixing Since November

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The People’s Bank of China said in a monetary policy committee meeting last month that it will keep the yuan generally stable at reasonable levels and prevent excessive one-way moves. Photo: Bloomberg

(Bloomberg) — China’s central bank pushed back against recent yuan weakness by setting its daily reference rate for the managed currency at the widest gap to estimates since November.

The People’s Bank of China (PBOC) set the so-called fixing at 7.1087 per dollar on Thursday, 609 pips stronger than the average estimate in a Bloomberg survey. That’s after the onshore yuan weakened nearly 1% since the end of last year.