Apr 16, 2024 05:03 PM
FINANCE
China Loosens Grip on Yuan by Weakening Fix Amid Dollar Strength
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On Monday, the onshore yuan hit a five-month low, after a fresh round of hot U.S. inflation data bolstered the greenback and Treasury yields. Photo: Bloomberg
(Bloomberg) — China unexpectedly weakened its yuan defense as pressure from a resurgent dollar and poor sentiment pressured it toward a policy red line.
The People’s Bank of China (PBOC) broke out of a holding pattern and set a weaker daily reference rate for the managed currency, implying some flexibility for it to depreciate alongside regional peers amid broad strength in the dollar. The offshore yuan slid as much as 0.3% to lowest since November in reactions to the so-called fixing.
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