LONDON/SINGAPORE—The yuan fell on Monday to a one-month low after China’s central bank surprised markets by keeping its medium-term policy rate steady, while the dollar was little changed on Martin Luther King (MLK) Jr. Day, a public holiday.
The People’s Bank of China (PBOC) left interest rates unchanged when rolling over maturing medium-term policy loans, defying market expectations for a cut to shore up China’s bumpy post-pandemic economic recovery.
