China raises efforts to stabilise yuan which stays firmer

Beijing

CHINA stepped up efforts to curb bets against its currency and reassure sceptical investors, as its central bank set another firm fix for the yuan on Tuesday backed by what dealers said was aggressive yuan buying offshore.

Ebbing confidence in China's policymaking has fuelled investors' retreat from the slowing economy, and expectations that the currency will fall further has widened the gap between the tightly managed onshore yuan and the Hong Kong-based offshore rate.

The yuan has depreciated more than one per cent since the start of the year, having lost 4.7 per cent against the dollar last year, and the accelerated slide had raised uncertainty over China's intentions regardin…