China Loosens Grip on Yuan With Weakest Fixing Since November

-- China set the yuan’s daily reference rate at its weakest since November in a sign policymakers are loosening their grip on the currency.Hedge Fund Talent Schools Are Looking for the Perfect Trader

“The top of the trading band now greenlights onshore spot to push past 7.26, an indication that the authorities are accommodating a bit more yuan weakness to relieve some depreciation pressure,” Goh said. He added he didn’t expect authorities to allow large depreciation moves.Any delay to Federal Reserve rate cuts would likely add pressure on the yuan as China’s wide interest-rate gap with the US favors the dollar.

“The PBOC continues to manage this depreciation pressure with very gradual adjustments to the fixing,” said Lynn Song, greater China chief economist at ING Bank. “Given this policy stance, we continue to expect last year’s dollar-onshore yuan high of 7.34 will not be broken this year despite more pressure from yield spreads.

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