BEIJING: China’s central bank set the reference rate for the yuan at a weaker-than-expected level as the currency’s surge threatens to derail growth in the world’s second-largest economy. It also boosted short-term liquidity.
The People’s Bank of China (PBoC) set its daily fixing at 6.4069 per dollar, weaker than the average estimate of 6.4042 in a Bloomberg survey of analysts and traders.
The move signals Beijing’s discomfort with a stronger exchange rate as it seeks to maintain the competitiveness of the nation’s exports after the currency rallied on Tuesday by the most since January.
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