PBoC is expected to set USD/CNY mid-point at 6.9598 (prev. 6.9695)
The PBoC's adjustment of the USD/CNY mid-point indicates a slightly stronger yuan relative to the dollar as they're set to set it at 6.9598, reflecting a move from 6.9695.
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PBoC is expected to set USD/CNY mid-point at 6.9598 (prev. 6.9695)
[MARKET UPDATE] Asia-Pac stocks rebounded from the prior day's sell-off as the region takes impetus from the positive handover from Wall St, where markets rallied after a strong ISM Manufacturing report
Japanese Finance Minister Katayama continues to refrain from commenting on intervention data and said PM Takaichi talked about FX benefits as a general fact, and didn't specifically emphasise merits in a weak yen
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This could suggest a more hawkish stance in terms of currency management, potentially influencing market perceptions of China’s economic strength and impacting capital flows. Traders should watch how this aligns with broader central bank policies and risk sentiment, especially in relation to USD performance across other pairs.
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