China’s currency gained ground against the U.S. dollar after the central bank warned that it wouldn't tolerate excessive market movements. The offshore yuan, the more freely traded version of China’s currency, gained 0.8% against the dollar after the People’s Bank of China called for market stability and warned that authorities would "resolutely deal with behavior that disrupts market order." The central bank also set a daily reference rate, or fixing, for the onshore yuan that was stronger than the rate traders had predicted by a record margin.