PBoC sets USD/CNY mid-point at 7.0014 vs exp. 6.9578 (prev. 7.0006)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 7.0014 vs exp. 6.9578 (prev. 7.0006)
What it means
The PBoC setting the USD/CNY mid-point significantly above expectations indicates a more cautious stance on currency strength, which could signal an intent to support the yuan amid potential volatility. This adjustment may also impact market sentiment towards risk assets, as a weaker yuan could exert upward pressure on inflation, influencing expectations around future monetary policy in China and potentially impacting broader FX markets.
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