© Reuters. Yuan Rises After China Calls on Banks to Help Promote Stability
(Bloomberg) — China’s yuan rose as onshore trading began Wednesday, strengthening for a second day after the central bank was said to have emphasized currency stability in a meeting with the nation’s major lenders.
The yuan was up 0.26 percent at 6.8098 per dollar as of 9:47 a.m., after climbing as much as 0.48 percent, while the offshore-traded currency advanced 0.07 percent to 6.8161. The fell 0.2 percent and Hong Kong’s added 0.3 percent.
The PBOC urged the banks to prevent any “herd behavior” and momentum-chasing moves in the foreign-exchange market in a meeting held Monday morning, according to people familiar with the matter. That marked the latest move by China to promote stability in the yuan, after it made betting against the currency more expensive on Friday.
The yuan has weakened more than 6 percent against the dollar in the past three months, the worst performing currency in Asia. The decline has come amid an intensifying trade dispute with the U.S. and signs of a slowing economy at home.
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