China Allows for Strong Yuan While Discouraging Excessive Gains - BNN Bloomberg
China's central bank signaled it will stomach a strong yuan without encouraging more gains, suggesting the currency will stabilize at around the highest level in more than two years.
The People's Bank of China set its fixing at 6.4604 per dollar on Wednesday, 0.06% weaker than the average estimate in a Bloomberg survey. The offshore yuan pared gains after the rate was released. The move came after the exchange rate traded onshore erased a gain of as much as 0.5% in an abrupt move on Tuesday, as a few big state lenders were seen to be selling the currency against the greenback.
