China ups currency defense as yuan nears 7 per dollar

The People’s Bank of China has set its daily reference rate for the yuan at 6.8906 per dollar. That’s after the bank set the yuan fixing at 249 pips higher than estimated on Tuesday. This is the second strongest bias on record since the survey was initiated in 2018. The yuan has remained under downward pressure, inching closer to the key 7 per dollar level, last seen in July 2020.

The offshore yuan gained 0.2% to 6.9109 per dollar at 10:45 a.m. local time. The onshore yuan was up 0.1%.


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