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China Sets Yuan Fixing Stronger Than Expected in Sign of Defense
China’s central bank unexpectedly set the yuan’s daily reference rate stronger than 6.9 per dollar, a move seen as stemming further weakness. The People’s Bank of China set its daily reference rate at 6.8930 Tuesday, 0.2% stronger than traders’ and analysts’ average forecast of 6.9089. The strong bias in the fixing, which restricts the onshore yuan’s moves by 2% on either side, was the largest since Bloomberg started releasing the estimates since August 2017.