China stuck to a holding pattern of supporting the yuan as pressure from a resilient dollar and poor sentiment weakens it toward a policy red line. The People’s Bank of China set the daily reference rate for the managed currency at 7.0947 per dollar, broadly near the last fixing level, implying that stability is key. China manages its currency onshore by setting a daily reference rate against the dollar at 9:15 a.m. local time, around which it is then permitted to trade in a 2% range. Traders have been eyeing the so-called fixing for signs of where Beijing wants to guide the yuan after it weakened to within a whisker ... (full story)