PBoC is expected to set USD/CNY mid-point at 6.9689 (prev. 7.0078)
Newsquawk Staff ·
PBoC is expected to set USD/CNY mid-point at 6.9689 (prev. 7.0078)
What it means
The PBoC's decision to set the USD/CNY mid-point significantly lower at 6.9689 suggests a targeted depreciation of the yuan against the dollar. This adjustment could be viewed as a move to support exports amid economic pressures, and may influence market expectations for cross-border flows and potentially draw attention from the Fed regarding U.S.-China competitiveness in currency policy.
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