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 erased a gain and the currency traded onshore declined for the first time in three days after the rate was released.
However, these steps are less aggressive compared with the measures taken late last year to limit the yuan’s gains. Back then, Beijing made it cheaper for traders to bet against the currency, and allowed onshore investors to buy more overseas assets. A yuan that’s too strong could erode the competitiveness of Chinese exporters, hence jeopardizing the country’s economic rebound.
The offshore yuan has been trading at stronger levels than the onshore rate for 26 days in a row, the longest stretch since 2017. The currency traded overseas is usually a better gauge of investor sentiment, as it’s subject to less official influence. So the gap is a reflection of optimism toward the yuan.
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