China’s battered yuan found respite on Tuesday as efforts by authorities to slow its decline gained some traction although pressure from rapidly rising US yields and worries about the economy continue to weigh on the currency. Beijing’s latest moves to stabilise the yuan, which is down around 5% this year versus the dollar, included swaps by state-owned banks in offshore markets to suck out yuan and raise the cost of shorting the currency. The People’s Bank of China (PBOC) also set a stronger than-expected daily yuan fixing, 1,105 pips stronger than market estimates, which was the biggest deviation since late June, ... (full story)