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PBoC sets USD/CNY mid-point at 7.0078 vs exp. 6.9722 (prev. 7.0064)

The PBoC's setting of the USD/CNY mid-point significantly deviates from expectations, indicating a stronger yuan relative to what the market anticipated.

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PBoC sets USD/CNY mid-point at 7.0078 vs exp. 6.9722 (prev. 7.0064)

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Context

This move suggests the central bank may be adopting a more supportive stance towards the currency, which could influence both cross-border flows and overall risk sentiment in the region. Market participants will be analyzing how this impacts other currencies and global monetary policy expectations.

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