USD/CNY has just touched the upper band (lower band for the yuan currency) of its daily trading range at 7.3325 for today. For some context, the PBOC fixed the pair at 7.1887 today here and it can fluctuate 2% either above or below the fix/midpoint. It’s a rough start to the year for China with the yuan suffering and stocks also dribbling lower alongside bond yields. From earlier this week: The Chinese yuan is a key spot to watch as the new year looks to get up and running
This article was written by Justin Low at www.forexlive.com.
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