China Keeps Fix Weaker Than 7 in Attempt to Slow Yuan’s Gains

China set its daily reference rate for the yuan weaker than 7 per dollar in a sign the central bank is keen to slow the currency’s gains in the face of recent weakness in the greenback.

The People’s Bank of China set the so-called fixing at 7.0014 against the dollar on Wednesday, weaker than all nine estimates in a Bloomberg survey of analysts and traders. The reference rate is now close to the deepest discount to the onshore yuan since 2023.