PBOC Sticks With Yuan Support In Face of Resurgent Dollar [Yahoo! Finance Canada]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- China moved to support the under-pressure yuan for a second day, through its daily reference rate for the managed currency. Most Read from Bloomberg The People's Bank of China set the so-called yuan fixing at 7.1966 per dollar, about 359 pips stronger than the average estimate in a Bloomberg survey. On Wednesday, the gap between the fixing and estimate was 445 pips, the widest since early August. The yuan has come under pressure alongside global peers as Donald Trump's US election victory bolstered the dollar to its highest in two years. Concern that his administration would impose 60% tariffs on Chinese goods, potentially decimating Sino-US trade is also weighing on the currency. Before Wednesday, the PBOC had largely refrained from sending any strong signals in support of the yuan, allowing it to weaken alongside its global counterparts. More than half of the respondents in a Bloomberg survey had said Beijing may weaken the yuan to make Chinese exports more c
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