BEIJING—China’s central bank said it was tweaking the mechanism for setting the yuan’s daily fix to smooth out fluctuations against the dollar, an acknowledgment that the country is hitching the yuan’s value closer to the U.S. currency. The People’s Bank of China said it was adding a “countercyclical” component to its model to prevent big swings. In the process, the bank is reasserting the use of a heavier hand on the currency’s...

Source: Wall Street Journal May 26, 2017 07:57 UTC