China extended its fight against the yuan’s weakness with a stronger-than-expected currency fixing for the sixth straight day. The People’s Bank of China set its daily reference rate for the yuan at 6.8906 per dollar, 177 pips stronger than the average forecast in a Bloomberg survey of analysts and traders. That’s after the PBOC set the yuan fixing at at 249 pips higher than estimated on Tuesday, marking the second strongest bias on record since the survey was initiated in 2018. Moreover, at least one big state-owned bank was dumping dollars before the official onshore yuan market close at 4:30 p.m. Beijing time ... (full story)