China is working to slow the yuan’s appreciation after a 20-month rally lifted the currency nearly 9% against the dollar to its strongest level in three and a half years. The People’s Bank of China (PBOC) set the USD/CNY central parity rate at 6.7829 on [date], slightly weaker than the previous fix of 6.7809; an earlier fixing was around 6.7840. The yuan has traded between 6.72 and 6.78 per dollar, while state-owned banks have been buying dollars and onshore spot-market turnover fell 26% in August to about $31.2 billion from $42.2 billion in July. The measures reflect concern that a stronger currency could undermine exports while consumer spending, investment and the property sector remain weak. Analysts see modest further appreciation, with a median year-end forecast of 6.68 yuan per dollar, although thinner trading could increase hedging costs and execution risks for multinational companies. The yuan’s gains and a trade surplus exceeding $1 trillion are also likely to intensify complaints from trading partners that China’s currency remains undervalued.