(Bloomberg) -- China’s central bank unexpectedly set the yuan’s daily reference rate stronger than 6.9 per dollar, a move seen as stemming further weakness.
The People’s Bank of China set its daily reference rate at 6.8930 Tuesday, 0.2% stronger than traders’ and analysts’ average forecast of 6.9089. The strong bias in the fixing, which restricts the onshore yuan’s moves by 2% on either side, was the largest since Bloomberg started releasing the estimates since August 2017.
To contact the reporter on this story: Tian Chen in Hong Kong at tchen259@bloomberg.net
To contact the editors responsible for this story: Sofia Horta e Costa at shortaecosta@bloomberg.net, David Watkins
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