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China Acts to Limit Yuan Plunge, Bringing Some Relief to Markets

Aug. 6, 2019, 11:02 AM

China took steps to limit weakness in the yuan, providing some stability to global financial markets in the wake of the Aug. 5 rout, and said it won’t depreciate the currency to be competitive.

The People’s Bank of China on Aug. 6 set the daily currency fixing stronger than analysts expected and announced the planned sale of yuan-denominated bonds in Hong Kong. The moves, which came after the U.S. labeled the country a currency manipulator, helped drive the yuan up 0.2% a day after it sank the most since 2015. The central bank also rejected the accusation it manipulates the ...