PBoC sets USD/CNY mid-point at 6.8961 vs exp. 6.8874 (Prev. 6.9057)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 6.8961 vs exp. 6.8874 (Prev. 6.9057)
What it means
The PBoC's setting of the USD/CNY mid-point at 6.8961 above expectations indicates a potential leaning towards a weaker yuan, as the previous mid-point was higher at 6.9057. This adjustment may signal the bank's intent to provide support to the economy amid external pressures, impacting FX markets as investors reassess the rate path and possibly favor dollar strength in response.
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