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The People's Bank of China (PBOC) has adjusted the Central Parity Rate for the Chinese Yuan (CNY) against the US Dollar (USD) by 5 pips to 7.0948 per USD, significantly stronger than market expectations. PBOC injected 248 billion yuan into the market through a 7-day RRP, with 2 billion yuan maturing. The market opened calmly following the rate adjustment, with concerns about a weaker CNY impacting China and its trading partners. Subsequent adjustments saw the Central Parity Rate at 7.0950 per USD, still exceeding market expectations. The Yuan opened trading at 7.2251 per dollar, slightly lower than the previous close, indicating ongoing downward pressure on the currency.
China's yuan dips against dollar, downward pressure persists
(CNY) fix still fixed. That limits how far spot can move. Looks more and more like a reset of where spot trades inside the band. But tis still too early to have real conviction. "PBoC sets USD/CNY reference rate at 7.0950 vs. 7.0948 previous" Seems someone is holding spot… https://t.co/ytFebVGYXS
🔴 YUAN OPENS TRADE AT 7.2251 PER DOLLAR, SLIGHTLY LOWER THAN LAST CLOSE