PBoC sets USD/CNY mid-point at 6.9590 vs exp. 6.9517 (Prev. 6.9570)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 6.9590 vs exp. 6.9517 (Prev. 6.9570)
What it means
The PBoC's setting of the USD/CNY mid-point at 6.9590 is a bit weaker than the market expected, which could reflect a more cautious stance on the yuan amid ongoing economic pressures in China. This adjustment may influence trading in both the currency markets and cross-asset flows, as it suggests the PBoC is willing to allow for greater depreciation of the yuan relative to the USD than previously anticipated, impacting outlooks for risk and commodity currencies.
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