China Supports Yuan Against US Dollar Amid Trade Tensions
China has set its yuan reference rate at 7.1693 per dollar to bolster the currency amid heightened trade tensions with the US, keeping it stronger than 7.2 per dollar since November.
China has extended its support for the yuan by setting its daily reference rate for the managed currency at a stronger level than 7.2 per dollar, as increasing trade tensions with the US place additional depreciation pressure on the yuan.
The People's Bank of China established the fixing at 7.1693 per dollar on Wednesday, marking the reopening of onshore markets following the Lunar New Year holidays. Since Donald Trump's election as US President in November, the central bank has maintained the fixing at levels stronger than 7.2 per dollar to protect the yuan from the dollar's rising strength.
