China sets yuan rmb weaker vs U.S. dollar for first time in a week

 China sets yuan rmb weaker vs U.S. dollar for first time in a week

BEIJING — China is trying to rein in the yuan as it surges to three-year highs against the U.S. dollar.

A stronger yuan makes Chinese goods relatively more expensive to buyers overseas, and has spurred concerns about the competitiveness of Chinese exports — a major contributor to national economic growth.

The Chinese currency traded slightly weaker against the U.S. dollar Wednesday after the People’s Bank of China set the yuan’s daily midpoint at 6.3773 versus the greenback. The move reversed six straight trading days of stronger fixings since May 24, according to data from Wind Information.

The PBOC has tried to allow the market to play a greater role in determining the yuan’s exchange rate. But the central bank retains some control through daily midpoint fixings against the dollar, allowing the yuan to move 2% higher or lower from that level.

The weaker fix followed the central bank’s announcement late Monday that beginning June…

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