China’s onshore yuan dropped to the weakest level since November as signs mount that policymakers are slowly letting the currency decline against a resilient dollar. The yuan fell to as low as 7.2487 per dollar as the People’s Bank of China gradually cut its daily reference rate for the managed currency to a level unseen in four months. The move came as a gauge of the greenback edged higher for a second day on bets the Federal Reserve is still not close to kicking off its rate-cut cycle. The PBOC has been facing a constant battle to find the optimal pace of yuan weakness that’s conducive for growth, without ... (full story)