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DeepNewz, mobile.
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The People's Bank of China (PBOC) has made significant adjustments to the yuan's exchange rate against the U.S. dollar in recent trading sessions. On October 23, the yuan opened at 7.1307 per dollar, a slight depreciation from the previous close of 7.1240. The PBOC set the USD/CNY reference rate at 7.1286 on October 24, down from the last close of 7.1325. Following this, the yuan opened trading at 7.1270 per dollar. On October 25, the PBOC continued its adjustments, setting the USD/CNY reference rate at 7.1090, a decrease from the previous rate of 7.1286. This marks the weakest level for the yuan since August 29, as the central parity rate was cut by 41 pips to 7.1286 on October 24 before being raised by 196 pips to 7.1090 on October 25. The PBOC's actions reflect ongoing volatility in the currency market, with the yuan's fixing noted to be within a range of 7.1078 to 7.1299.
