China: PBOC Fixed Yuan Firmer by Most in Three Weeks - BBH
Research Team at BBH, notes that the PBOC fixed yuan firmer (0.36%) by the most in three weeks.
“The weaker dollar offered the yuan a reprieve as it been near the year's lows. The PBOC has denied press reports that it has abandoned market mechanisms. The fact that the yuan strengthened today demonstrates its point. However, the lack of transparency remains, and many suspect a selective tolerance of market forces.”