PBoC sets USD/CNY mid-point at 6.9843 vs exp. 6.9292 (Prev. 6.9929)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 6.9843 vs exp. 6.9292 (Prev. 6.9929)
What it means
The People's Bank of China (PBoC) setting the USD/CNY mid-point significantly higher than expectations could signal a softer yuan, which may reflect concerns about capital outflows or economic conditions. This adjustment is likely to impact market sentiment, potentially leading to strength in the USD against the CNY and affecting cross-asset flows, particularly in emerging markets and commodities.
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