PBOC Manages Yuan’s Gradual Decline With Strong Support via ‘Fixing’

(Bloomberg) — China’s support for the yuan Friday signaled its desire to manage its decline, as broad strength in the dollar kept the currency close to a policy no-go area.

The People’s Bank of China (PBOC) set its daily reference rate for the managed currency at 7.1196 per dollar. While the level was slightly weaker than Thursday’s, the difference between the so-called fixing and forecasts was the widest since April.