PBOC Offers Strongest Yuan Support Since July After Dollar Gains
- Offshore yuan may advance to around 7.3 by year-end: Mizuho
- China’s offshore yuan rises 0.2% on PBOC’s fixing support
The People's Bank of China building in Beijing.
Source: Bloomberg
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China ramped up support for its currency via the daily reference rate after the Federal Reserve’s caution over future interest rate cuts boosted the dollar and sent the offshore yuan to a one-year low.
The People’s Bank of China set the so-called fixing at the strongest bias since July versus the average estimate in a Bloomberg survey on Thursday. That sent the offshore yuan 0.2% higher.