China's Yuan Rate Rises for First Time Since Devaluation
China Creates ‘Wait and See’ With Currency Turbulence
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The yuan halted a three-day slide after China’s central bank raised its reference rate for the first time since Tuesday’s devaluation and said it will intervene to prevent excessive swings.
The onshore spot rate rose 0.11 percent, strengthening in the final minutes of trading for the third straight day and paring its drop for the week to 2.8 percent. The People’s Bank of China said Thursday there’s no basis for depreciation to persist and that it will step in to curb large fluctuations. It raised its daily fixing by 0.05 percent on Friday, after three cuts of more than 1 percent each.