PBoC sets USD/CNY mid-point at 6.9929 vs exp. 6.9481 (prev. 7.0014)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 6.9929 vs exp. 6.9481 (prev. 7.0014)
What it means
The People's Bank of China (PBoC) has set the USD/CNY mid-point significantly above expectations, indicating a more pronounced devaluation of the yuan. This move may suggest that the PBoC is prioritizing competitiveness amid economic challenges, potentially affecting market sentiment toward risk assets and influencing cross-border flows, particularly in relation to USD strength.
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