China halts run of yuan fixing cuts that rattled global markets

Beijing

CHINA ended an eight-day run of reductions to the yuan's reference rate that sent shockwaves through financial markets and escalated fears of a global currency war.

The People's Bank of China (PBOC) set the daily fixing, which restricts onshore moves to a maximum 2 per cent on either side, at 6.5636 a dollar, 0.02 per cent stronger than the previous day's reference rate. It was cut 1.42 per cent over the last eight days.