Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1775 on April 1, 2025, which is significantly stronger than the Reuters estimate of 7.2606. The previous close was 7.2570. On April 2, the PBOC set the mid-point at 7.1793, again above the estimate of 7.2663. On April 3, the reference rate was adjusted to 7.1889, compared to the estimate of 7.2532, marking a decline of 96 pips, the largest drop since December 3, 2024. This adjustment reflects a continued effort by the PBOC to manage the yuan's value amid changing economic conditions, including recent tariff increases from the U.S. by 20 percentage points. Analysts suggest that the PBOC's actions may require intervention from the State Administration of Foreign Exchange (SAFE) and state banks to stabilize the yuan in the coming weeks.
Modestly weaker fix (central point for daily trading in the yuan) from China. Didn't break 7.20 -- but big enough to be noticeable. SAFE and/or the state banks are going to have to spend a decent chunk of change managing the yuan the next few weeks. https://t.co/3iu9z01pTZ
China kept a very low profile in recent months, even as the US raised China tariffs by 20 ppts. We will now see if this approach changes. The official fix for the Yuan (white) has now weakened a bit and $/CNY (orange) is down even more. If China devalues, that's a game changer... https://t.co/ZyxEZBtcMP
⚡PBOC cuts the $CNY Central Parity Rate by 96 pips to 7.1889 per USD, the most since December 3, and the weakest level since January 17, but still over 600 pips stronger than market expectations. #China $USDCNY $USDCNH https://t.co/PZ4b5axvEm