Offshore Yuan Gains Most in Week as China Sends Signal With Fix
- Reference rate is stronger-than-expected for 17th straight day
- Stronger economic data may mean less monetary easing: OCBC
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The offshore yuan headed for its biggest gain in a week, after China set the daily reference rate for the onshore currency stronger than expected, stoking bets the government wants to stabilize the exchange rate.
The Chinese currency rose 0.23 percent to 6.8517 per dollar as of 5:10 p.m. in Hong Kong, while the onshore rate gained 0.11 percent. The yuan’s fixing was 0.1 percent stronger than the average forecast in a Bloomberg survey, the biggest gap in two weeks. The People’s Bank of China has set the reference rate stronger than estimates for 17 days in a row.