China Sends Warning Signal to Yuan Bears Before G20 Meeting

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China Sends Warning Signal to Yuan Bears Before G20 MeetingThe People’s Bank of China set its daily reference rate for the currency 159 pips higher than market watchers expected Tuesday, the largest strong bias since Bloomberg began releasing fixing forecasts in August 2017. It was little changed as of 10:00 a.m. local time Wednesday, following another stronger-than-expected fix by the central bank. The moves came after the yuan neared a decade-low and President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn’t meet with him in Osaka at the Group of 20 summit.

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