PBOC Extends Yuan Support as It Boosts Fix by Most Since January

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China’s central bank faces the difficult task of keeping the yuan stable while trying to both maintain supportive monetary policy for a sputtering economy and keep a lid on capital outflows. Photo: Bloomberg

(Bloomberg) — China’s central bank reinforced its support for the under-pressure yuan by strengthening its daily reference rate for the managed currency by the most since January.

The People’s Bank of China (PBOC) shifted its fixing by 0.1% with traders still on tenterhooks after the yuan sank to its weakest since November on Friday. The currency rose as much as 0.2% in offshore trading in response to the reference rate and traded little changed around the 7.218 per dollar level onshore.