Yuan Strengthens Through PBOC’s Daily Guideline as Bears Flee

The offshore yuan strengthened through China’s daily reference rate for the first time since November, as traders rushed to abandon a once popular short strategy.

The yuan jumped to as high as 7.1125 per dollar, trading at a premium to Beijing’s so-called fixing and close to erasing this year’s losses. That’s a sign market sentiment had turned more positive, after concerns over China’s growth had sent the currency to the lowest since November last month.