SHANGHAI: The yuan can’t stop sliding, despite efforts by China’s central bank to stabilize the currency via the daily fixing.
The currency is on track for 11 straight sessions of losses against the dollar, which would be its most prolonged slump according to China Foreign Exchange Trade System data that goes back to 2007. The currency briefly fluctuated Thursday after the central bank set its daily reference rate at a stronger-than-expected level for a seventh straight day -- a sign that the People’s Bank of China is growing uncomfortable with the yuan’s descent.