Last week, the Chinese government set the daily reference rate for the yuan at a level that came in below market estimates by a record margin, in the latest signal of policymakers’ intention to curb the currency’s appreciation. The People’s Bank of China (PBOC) set the so-called yuan “fixing” at 7.0358 per dollar, below the average estimate of traders and analysts surveyed by Bloomberg. The gap between the reference rate—which limits onshore yuan movements to 2% on either side—and forecasts was the widest since the survey began in 2018.
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