- PBOC-backed paper says China is determined to stabilize yuan
- Onshore yuan weakened past 7.3 per dollar level on Friday
China reaffirmed its support for the yuan after allowing the currency to slip below a key support level in the last session.
The People’s Bank of China set its daily reference rate stronger than the closely watched line of 7.2 per dollar. That helped ease concern that Beijing will allow a sharper depreciation, after the onshore yuan slid past 7.3 per dollar due to mounting economic pressures and a widening yield gap with the US.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.