PBOC SETS USD/CNY REFERENCE RATE AT 7.2092 VS. 7.2066 PREVIOUS
PBOC SETS USD/CNY REFERENCE RATE AT 7.2092 VS. 7.2066 PREVIOUS
The People's Bank of China (PBOC) establishes the daily midpoint for the yuan's trading range against the US Dollar (USD/CNY).
For the upcoming trading session, the PBOC set the USD/CNY central rate at 7.2092.
This is slightly higher than the previous day's fix of 7.2066, indicating a marginal depreciation of the yuan.
The PBOC allows the yuan to fluctuate within a 2% band around the daily reference rate.
This mechanism provides flexibility while maintaining control over the currency's value.
The yuan's strength, as indicated by today's fixing, may influence forex markets, particularly affecting currency pairs involving the yuan and the US Dollar.
