China’s central bank reinforced its support for the under-pressure yuan by strengthening its daily reference rate for the managed currency by the most since January.
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The PBOC faces the difficult task of keeping its currency stable while trying to both maintain supportive monetary policy for a sputtering economy and keep a lid on capital outflows. While a weaker yuan may help the export side of the economy, a sharp slide risks triggering the latter given the negative investor sentiment toward China.
As a source of stability in the global FX market and an anchor for its regional peers, any signal from officials that they are open to letting the yuan depreciate risks triggering volatility across an array of currencies. On Friday, the yuan dropped the most in more than two months as traders bet that day’s fixing suggested officials were open to such a depreciation.
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