China Loosens Grip on Yuan With Weakest Fixing Since November

(Bloomberg) — China set the yuan’s daily reference rate at its weakest since November in a sign policymakers are loosening their grip on the currency.

The People’s Bank of China (PBOC) set the so-called fixing at 7.1192 per dollar, an increase of 33 ticks, the most in about two months. The move comes as the dollar inches closer to this year’s peak, with traders betting on higher-for-longer interest rates in the U.S.