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PBoC is expected to set USD/CNY mid-point at 6.9481 (prev. 7.0019)

The PBoC's decision to set the USD/CNY mid-point significantly lower at 6.9481, compared to the previous 7.0019, suggests a shift towards a more supportive stance for the CNY amid ongoing economic pressures.

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PBoC is expected to set USD/CNY mid-point at 6.9481 (prev. 7.0019)

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Context

This could be interpreted as an effort to stabilize the currency and may influence cross-asset dynamics, particularly in forex markets where the stronger CNY could impact risk sentiment and USD flows.

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