SHANGHAI -- China's central bank stepped up support for the yuan on Thursday, signaling it wants to avoid a rapid weakening of its currency, after the U.S. Federal Reserve's 2025 interest rate forecast sent the dollar higher.
The People's Bank of China (PBOC) set the reference rate -- around which the onshore yuan is allowed to trade 2% higher or lower -- at 7.1911 per dollar. The rate was stronger than market participants anticipated, marking the widest difference between expectations and the actual reference figure since July, according to Bloomberg.
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