China’s Predictable Fix Eases Concern It Wants Weaker Yuan
- Reference rate set at 6.7296, in line with average estimate
- Currency will consolidate around 6.75 in near term: strategist
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China’s central bank delivered a predictable yuan fixing on Tuesday, easing concern that officials are seeking a weaker currency after an unexplained late slump in the exchange rate on Monday.
The People’s Bank of China fixed its reference rate at 6.7296 per dollar, close to the average estimate of 6.7282 in a Bloomberg survey. The onshore yuan’s official close at 4:30 p.m. in Shanghai was also uneventful, with the rate stabilizing around 6.7385 -- or just 0.04% weaker than Monday’s close. The offshore yuan climbed 0.17% to 6.7332 as of 5:11 p.m. in Hong Kong.