China steps up yuan defence with bond limit guidance 

Market Impact

The move is the latest in a raft of recent efforts to make it harder to short the yuan and to prop up the currency against the U.S. dollar. As China’s financial markets suffer losses and heavy outflows, and investors grow impatient at the lack of more forceful action to address the stalling economy, the move also adds to the sense that policymakers see steadying the currency as an urgent task.