PBoC sets USD/CNY mid-point at 6.8635 vs exp. 6.8233 (Prev. 6.8594)
Context
The People's Bank of China (PBoC) has set the USD/CNY mid-point significantly weaker than expectations, indicative of a dovish shift in policy. This move suggests the PBoC may be prioritizing economic support over currency stability, which could lead to further depreciation of the CNY, influencing not only forex markets but also commodities linked to Chinese demand.
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