The People’s Bank of China strengthened the daily fix for the renminbi on Monday, ending a 10-session weakening streak that had contributed to pushing the currency to a four-year low against the US dollar.
The PBoC set the fix, or mid-rate around which the renminbi is allowed to trade each day, 0.09 per cent stronger at 6.4753 per dollar. If it had weakened the fix, it would have made for an unprecedented 11th straight relaxation.
Until Monday’s fix the currency had been weakening at a faster pace than at any time since it was first allowed to appreciate in 2005, losing 1.5 per cent of its value against the US currency over the past fortnight.
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