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BLOOMBERGÂ
China took steps to slow a decline in the yuan for a fourth time, as its weakness intensified on souring sentiment towards the world’s second-largest economy.
The central bank set its so-called fixing for the managed currency at a stronger-than-expected level, after the offshore yuan extended a seven-month low.
The move came after reports that regulators have stepped up scrutiny of currency trading and cross-border capital flows, in a bid to stabilise the yuan.
“It goes hand in hand with the macro fundamentals of the Chinese economy, so it will be very hard to reverse the trend but what they can do is try to slow down the pace of weakness,†Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp, said on Bloomberg Radio.