PBoC sets USD/CNY mid-point at 7.0019 vs exp. 6.9697 (prev. 7.0014)
Newsquawk Staff ·
PBoC sets USD/CNY mid-point at 7.0019 vs exp. 6.9697 (prev. 7.0014)
What it means
The PBoC's setting of the USD/CNY mid-point significantly above expectations suggests a deliberate effort to allow the yuan to depreciate, potentially to boost exports amid a challenging economic backdrop. This adjustment could impact market sentiment, especially for commodities and risk assets, as it signals a more dovish stance from the PBoC compared to prior settings and may influence nearby trading in currencies and global markets.
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