China Dials Back Support for Yuan as Currency Steadies

(Bloomberg) — China’s central bank set its daily reference rate for the yuan broadly in line with expectations for the first time in more than a year, a sign it’s loosening its tight grip for the managed currency.

The People’s Bank of China (PBOC) set the so-called fixing at 7.1307 per dollar on Wednesday, just seven pips away from the estimates in a Bloomberg survey of analysts and traders. The gap was the smallest since June 2023.