The People’s Bank of China (PBOC) reined in the yuan’s appreciation yesterday as the currency hit a record high and bumped against the upper limit of its trading band for the second straight day.

The central bank set its daily midpoint at 6.301 versus the US dollar yesterday morning, the strongest midpoint level since June 20. That granted the yuan more space to appreciate after the currency closed at its strong-side limit of 6.2417 on Thursday.