China fixed the renminbi’s exchange rate at a level stronger than many expected on Wednesday in a sign that stability for the currency remained Beijing’s paramount objective, the Financial Times reports. Dollar strength since Friday’s Brexit vote had led the People’s Bank of China to fix the midpoint, around which it allows the onshore currency to trade 2%, at far weaker levels against the surging US currency. Monday’s move, weakening the renminbi by 0.91% against its US counterpart, was the biggest single-day move by the PBoC since it unexpectedly devalued the renminbi in August last year. On Wednesday Beijing set the fix at Rmb6.6324 compared with Rmb6.6528 on Tuesday. The scale of the move surprised some analysts, whose models had forecast weaker levels for the Chinese currency.
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