PBOC Strengthens Yuan Fixing by Most Since January After Powell

China strengthened its yuan fixing by the most since January after the dollar slumped in the wake of Federal Reserve Chair Jerome Powell’s commentary at Jackson Hole.

The People’s Bank of China set its daily reference rate for the local currency at 7.1161 per dollar, versus Friday’s level of 7.1321. Monday’s fixing was the strongest since November. Still, the fixing represented a weakening against a basket of the yuan’s major peers, based on a Bloomberg tracking index.