Newsig · Forex News
PBOC sets USD/ CNY reference rate for today at 6.7399 (vs. estimate at 6.7085)
China is back from a 3-day weekend today. The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. More here on this.more to come This article was written by Eamonn Sheridan at investinglive.com.
Why it matters
USD/CNY (US Dollar / Chinese Yuan) · Why linked: PBOC sets the daily USD/CNY reference rate, which directly governs the onshore yuan trading band. Market context: A reference rate weaker than estimates signals PBOC tolerance for yuan depreciation, which could pressure the yuan lower against the dollar.
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