November 29, 2021 8:22 AM
HONG KONG (BLOOMBERG) – An unstoppable ascent in the yuan is signaling Beijing’s growing ease with gradually freeing up one of the world’s most tightly-managed currencies. Since the yuan hit a six-year high on a trade-weighted basis on Nov 17, the People’s Bank of China (PBOC) has set the currency’s daily reference rate at only mildly weaker-than-expected levels.
