The yuan started to weaken in early May as a trade war with the US escalated and the economy slowed.
The People’s Bank of China set its reference rate at 6.8930 per dollar Tuesday, 0.2% higher than traders’ and analysts’ average forecast of 6.9089. The strong bias in the daily fix – which restricts the onshore yuan’s moves by 2% on either side is the largest since Bloomberg started releasing the survey estimates since August 2017. The central bank also said it plans to sell bills in Hong Kong later this month, a move that will drain liquidity and support the currency.
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