Central bank ends yuan fix's eight-session weakening streak

China’s central bank has ended an eight-day streak of raising the yuan’s trading band to weaken the currency, setting the daily reference rate 0.02% stronger than the previous day at 6.5636 per dollar, The Financial Times reported. Confusion has mounted recently over how the People’s Bank of China sets the fix: While the bank claims to look at the previous day’s trading and take quotes from 10-20 financial institutions, there is no transparency to the process. Indeed, the onshore rate weakened 0.56% on Thursday, which ostensibly would have raised the fix for Friday. However, further weakening could have prompted even more panic in China’s already shaky equity market.