PBoC sets USD/CNY mid-point at 6.9929 vs exp. 6.9481 (prev. 7.0014)
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.
[MARKET UPDATE] Spot silver extends above USD 98/oz, as the precious metal continues to outperform XAU
PBoC injects CNY 125bln via 7-day reverse repos with the rate maintained at 1.40%
PBoC sets USD/CNY mid-point at 6.9929 vs exp. 6.9481 (prev. 7.0014)
US President Trump says mortgage rates hit a 3-year low despite "Too Late" Powell; the Fed has been discredited during Chair Powell's reign
[MARKET UPDATE] Precious metals continuing to bid higher, as XAU nears USD 5k/oz (currently at USD 4960/oz) while XAG tops USD 97/oz
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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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