Currency surge risk derailing growth

Monetary easing: People line up at a bus stop during evening rush hour in Beijing as outbreaks of coronavirus disease continue. China’s economy slowed in the third quarter. — Reuters

BEIJING: China’s central bank set the reference rate for the yuan at a weaker-than-expected level as the currency’s surge threatens to derail growth in the world’s second-largest economy. It also boosted short-term liquidity.

The People’s Bank of China (PBoC) set its daily fixing at 6.4069 per dollar, weaker than the average estimate of 6.4042 in a Bloomberg survey of analysts and traders.