Yuan snaps three-day winning streak

Renewed efforts from China to stall Yuan’s slide is doing little to dissuade bears from punting on the currency.

Yuan snapped three-day winning streak this Thursday morning. USD/CNY rose to 6.9475; up 0.1%. The PBOC set the daily reference rate today at 6.9435, which is 54 basis points stronger than yesterday’s fix.

China’s Yuan has been hit by a triple whammy of capital outflows, prospects of faster rate hikes in the US and concerns regarding domestic financial conditions.