Reported about 2 months ago
The People's Bank of China (PBOC) has set the daily reference rate for the yuan in alignment with market expectations for the first time in over a year, suggesting that the central bank is comfortable with the currency's current valuation. The yuan has recently regained much of its value against the dollar, aided by a retreat of the U.S. dollar amid anticipated interest rate cuts by the Federal Reserve. However, concerns about the yuan's strength and its impact on exports signal that the PBOC may continue to maintain some level of control over the currency.
Source: YAHOO