China has acted slow the yuan’s decline as effects of Monday’s fall continued to hit the markets.

The People’s Bank of China (PBOC) set the daily currency fixing stronger than analysts expected and announced the planned sale of yuan-denominated bonds in Hong Kong.

The development followed the US labeling China as a currency manipulator and helped lift the offshore yuan.

A weak fixing on Monday sent the yuan past 7/$ for the first time in more than a decade, which led to selling across markets from Asia to the US. 

The yuan’s decline, the worst since 2015, reminded the markets of the capital flight that year that spurred China to spend more than $500bn of its reserves.