Yuan midpoint sees 2nd biggest drop ever, PBOC signals bigger swings

12-Mar (Reuters) — The People’s Bank of China (PBOC) set the yuan’s midpoint against the dollar sharply lower on Monday, the second biggest single-day fall on record and the latest signal that China is willing to let its currency move within a wider range.

…Traders and analysts said the PBOC appears to be preparing the domestic and global markets for sharper fluctuations to eventually widen the yuan’s daily trading band.

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