China is close to unleashing its strongest ever guidance to push back yuan bears via its daily reference rate, as the managed currency defies a string of policy signals in a fall toward a 16-year low. On Friday, the People’s Bank of China has the choice to issue a so-called fixing with the largest ever premium to the average estimate in a Bloomberg survey that started in 2018. That would be a key signal from the central bank that it wants to nudge the currency higher. Authorities have been escalating their support for the embattled yuan in each and every session over the past week, only to see it sinking in both ... (full story)