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⚡PBOC cuts the $CNY Central Parity Rate by 57 pips to 7.1754 per USD, the weakest level since January 20, but still over 600 pips stronger than market expectations. #China $USDCNY $USDCNH https://t.co/70IIKwrk3U
PBOC sets yuan fixing at strongest level in two year on year
China sets yuan mid-point PBOC at weakest level since January 20
The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1697 for March 20, 2025, which is 57 pips lower than the previous rate and represents the weakest level since January 20, 2025. This rate was notably stronger than market expectations, which estimated a rate of 7.2402. Earlier, the PBOC had set the reference rate at 7.1754, also stronger than the estimated 7.2330. The yuan fixing has shown a range between 7.2166 and 7.2391, with the latest fixing being the strongest level in two years. The PBOC's adjustments indicate a strategic approach to managing the yuan's value amid fluctuating market conditions.
